Donation is already non-deductible?
Also any school in the B1G, SEC, B12, or ACC if you broke out football alone would be profit making. ISU as an example will be $31.7MM/yr on the new B12 TV deal, and they're bringing in $16.19MM in football-only ticket sales. That's $48MM in revenues before we even get to brand licensing, etc. They're not spending that on football. Campbell makes $4MM/yr, with a $3MM assistant pool. So that's ~$7MM. The 85 scholarships true cost is incremental to the university to let an extra student or two or 85 sit in courses. Their internal cost is no where near what they charge students in fees, which ISU pegs at $22,295. Their true cost is less than that but let's apply that full amount here, $22,295 * 85 = $1.895MM. ISU's total spend on all sports team travel last year was ~$7.5MM, let's stick football with half of that or $4MM. Now we're up to ~$13MM in expenses against almost $50MM in revenues. Even if you add in capital expenditure amortization like stadium costs and other facilities, overhead for AD staff, etc, there's plenty of room for "profit."
But if you don't believe my back of the napkin math, the Iowa St. student newspaper published all of this data for 2023. Football had $53.2MM in revenue against $27.7MM in expenses, a profit of $25.4MM.
Today, Athletic Departments don't ever turn a "profit," because they want to be non-profit. But they have to spend the money; in cases of smaller schools the football overage fully funds everything else aside from Men's basketball which generates about 2x its cost. In larger "more profitable" ADs like UT, Ohio State, etc we've traditionally spent that money on coaching and the facilities arms race. Or in the case of UT we turn some money back over to the academic side.
Out of curiosity I looked at a few other smaller teams...
Boise State, Mountain West Conference
Football-only expenses: $18.4MM
Football-only revenues (TV, ticket sales): $25.6MM
Surplus: $7.2MM
Florida International University, Conference USA
Football-only expenses: $13.3MM
Football-only revenues: $11.8MM
Surplus: $1.5MM
Texas State, Sun Belt Conference
Football-only expenses: 13MM
Football-only revenues: $3.8MM
Loss: $9.2MM
There is some level where football can't stand on its own, but the line is drawn further down on the list than you might think. And even those who turn a "loss" make up the gap with student fees if they have sufficient desire to keep the program.