Honestly, I think that all the money is a slippery slope. Only a handful of sports actually generate money, and those typically fund the other sports. If that revenue has to be disbursed you can say goodbye to most everything that isn't football/basketball, much less sports at the lower levels.
Agreed and I would take it a step further and say D III is in big trouble 10-15 years from now. I'm in northern NY state - very rural. The schools here are all D3 (except for a couple hockey programs). No one goes to the games , the teams lose in pretty much every sport and the schools athletic departments operate in a deficit every year. I don't see how the sports programs are sustainable.
Per their quick facts, Hartwick had 472 male undergraduate students in the Fall of 2021, and 90 football players. That means almost 20% of their male students were football players.
I work for an upstate NY D3 school, though nowhere near as small as Hartwick. We had a meeting with our AD, who told us that:
The yield rate for student athletes was roughly
three times what it is for non-student athletes
The graduation rate was higher than that of non student athletes as well.
That's where the money comes in for athletics. They are absolutely critical for enrollment, and in upstate NY, enrollment is the name of the game.