Really nice work- I just finished a 30 page paper on Athletic Finance for my coursework (humblest of brags), and you've hit the basics pretty hard.
What's even more interesting is when you start looking at other decisions that the University is making as well. Take our pals in Eugene, for instance- while there's a student fee (in spite of the bucket ton of money that Ohio State fans help to send their way by buying the latest pro-combat gear), the University is also raising tuition and cutting majors as the state reduces funding percentages (not total dollars, but dollars per student).
When you also factor in that there's but 1K student tickets available each football game in the "Student section" at that $52 a piece... and realizing that your student fee doesn't let you use any of the facilities that you're helping to subsidize... man, that's enough to make a Duck nice and salty.
The other thing to keep an eye on, particularly as the "power 5" conversation heats up, is that schools like Rutgers are financially killing themselves to keep up with Ohio State. You point out the subsidy and other financial woes in New Jersey... if Rutgers or Purdue or Northwestern is challenged by the Conference to spend a certain amount (say, as a part of the BTN revenue sharing), or leave the conference... it might not be unrealistic to see them take a step back. This is particularly true in the current "what's a college education really worth"? conversation... at some point, I imagine that the spending model for semi-professional athletics will be untenable, particularly if the NCAA loses another lawsuit and the "amateur" model disappears.
And we haven't even talked about Title IX...