Is college football a big business? Absolutely, but the notion that the players constitute that business is somewhat false. We love college football because of tradition and our alma maters and location growing up, among other things. It would make no difference to me or most others if McCaffery played for Pitt or it was James Conner... or if delpanther was our running back, I would still cheer for, and spend money on Pitt football.
But, colleges make money based on far far more things. Football may pay the bills for other athletics, but it hardly pays the bills for the university. If 90,000 undergrads go to psu at 20,000 dollars a year, that is 1,800,000,000 dollars a year going to the school (yeah, I realize probably 10,000 of them are on some scholarship, but you get the point). Plus, as I mentioned, most corporations, in some way have cooporative agreements with some university, and those are about 20-30 billion dollars per year.