It won't necessarily be the fans dying on the hill, it will be recruiting and coaching.
How many articles has everyone read about the "Facilities Arms Race" in college football. Don't pretend that it doesn't exist because plainly and simply it does.
Schools have to "Keep Up With The Joneses" or be left behind in college football. Take a look at the top 25-30 teams over the past 10 years and then take a look at how much the coaches are paid and how much those schools have spent on facilities for football. It's not a secret or and accident.
I would have considered Clemson a peer school not all that long ago. Then what happened, they upgraded their facilities, hired a great staff and have been kicking our ass ever since. In general they invested a Shlit Ton of money in their program and now, they are so far ahead of us now that we will never catch them.
If Wake Forest or BC all of sudden got an infusion of cash from an angel donor, mark my words they will be kicking our ass for the next 10 years too.
Bottom line it matters and Athletic Revenue overages should be spent on athletics. The Academic part of the school brings in revenue from 18K students at 58K per year which is just under a Billion dollars. If they need an additional 8.5 mil from the AD to balance the budget, then something is seriously wrong with the spending/waste on the academic side. What angers me even more is that I would guess that half of that Billion comes from taxpayer money in the form of educational subsidies, grants, financial aid, etc. for students tuition.