I'm more for do better or drop completely. The athletic dept recieves $23-24 mill annually from taxpayers and students. When facility costs are included, I'm sure that number is MUCH higher. However, just take the direct contributions and reroute to in-state scholarships. You'd save the average grad $12k or so. Put it in an endowment for 5 years and would start paying out 4-5 mill/year. Keep the contribution going and imagine where it would be in 20 years? The endowment would be paying out somewhere around 50 mill annually in 20 years with the principle intact. That's very rough and simplistic. Reality is that it would probably grow more.
Justify to average WYO taxpayer why funding one of the worst athletic programs in the conference is of more benefit than investing more in WYO undergrads? It'd be a tough conversation.
I'm for athletics but they need to succeed and bring positive press, exposure, and help connect the state to the University. Year after year failure in almost every category does the opposite.