All it takes is one whistleblower or financially sound state taxpayer to file a complaint. The BOT of each university is considered a fiduciary. As a fiduciary, each BOT member is legally responsible for spending money wisely on the mission of the university. CFB is NOT a mission of an educational institution, at least, not likely in a court of law. As this is federal tax law, state law is subservient to federal tax law.
This is one reason I think FSU's suit will blow up in discovery; crying poverty in their lawsuit and then providing a penny for penny accounting of the AD spending will reveal some financially gross errors in judgement. These are likely to be breaches of the BOT's fiduciary responsibility to the University and the State of Florida. Ole' Free Shoes University may not enjoy the subsequent investigations.