We know where the money goes:
The money goes to hire new directors of athletics. It goes toward new athletic facilities. It pays for the Starbucks our vice-chancellors love so much. It pays for the sushi bars they think will attract a "high caliber" of student. It pays the inflated salaries of the upper administration, who make healthy six figures even when they're terrible at their jobs.
education has become too profit-driven, and 'college' sports are a massive part of the failure.