IMHO, the humor in this story is that a $10M endowment to athletics is so unnecessary. An athletics department that already spends significant money on the following (http://www.annarbor.com/sports/28-million-michigan-stadium-marquee-will-be-48-feet-wide-and-27-feet-tall/ or http://www.mlive.com/lansing-news/index.ssf/2013/09/university_of_michigan_athleti.html ), shouldn't necessarily need to endow what could arguably be the most visible public employee in state. This coming from a school that goes to such lengths to not feature any advertising inside Michigan Stadium (http://footballscoop.com/news/3500-michigan-ad-they-said-dont-put-the-damn-advertising-in-our-stadium).
I'm a loyal Buckeye, but spent some time living/working in Ann Arbor, and there are numerous other facilities on that campus that have not been updated since they were built in the 1930's. Clearly, public schools don't turn down money, but I seriously wonder if the development officer who managed this gift took any time to suggest areas in the University where $400,000 a year would have made a MUCH bigger impact. That's where I hope Ohio State would manage this situation differently, if we're ever approached by someone with so much dinero.