I agree to point, but there is a difference. Athletics is not the same as many of the other aspects of a major university. It turns out that people (even non tax-payers) really like to watch college sports, and will pay big money for it. That's great for athletics.
It also turns out that people not so much like to watch college theatre arts, or engineering majors solving design problems, or the college math bowl, or vet students operating on dogs and cows. Yet, those disciplines are important to society, and need infrastructure to do the job right that costs money beyond what can be raised by tuition. Taxpayers have to foot the bill, or the programs will fail.
Folks like to trash Iowa for taking a bunch of Illinois students, or ISU for the rapid enrollment growth, but IMO those were/are just strategies for dealing with the continual reduction in state allocation.
If the legislature is truly representing the will of the people of Iowa, then the people of Iowa seem to be saying they don't want ISU to have venue like C.Y. Stephens, because the state is not providing the $30 million for the deferred maintenance. However, the recent outcry seems to suggest differently. Something is amiss.