Indiana can offer way more money if it chooses. Remember what conference they are in, and how much it pays.
According to the report from USA Today for FY 2022, Indiana had $166.8 million in athletic revenues compared to $132.3m in expenses with a $2.7m athletic subsidy from the university's funds. A $34.5m surplus on a $132m budget.
According to the June 30, 2022 Stairs Report, Pitt had $73.3 million in athletic revenue compared to $115.1m in athletic expenses. The subsidy from university funds...subtract $115m from 73m. But that is a $41.8m deficit on a record $115.1m budget.
Now accounting might not be apples to apples, but this is a new world where you start to understand why, when Indiana's athletic revenue is ~2.3X that of Pitt's, especially if players become paid employees, some schools are desperate to get into the B10 or SEC even though
everyone's revenues due to conference media payouts are at record levels.
Pitt's budget is in the range of Virginia Tech, Maryland, and even UNC, but with many less sports being sponsored and a much larger school subsidy covering the revenue shortfall. No one should listen to simpletons claiming that Pitt isn't invested in athletics. But no, Pitt cannot compete financially with Indiana as college athletics is currently construed without some significant increase in fan and booster support.