I question this. There’s a ton of money in this country and a ton of it is not spent in ways many would consider rational. Boosters like spending money on this stuff - it makes them feel involved and boosts their egos. Individual school’s money may rise and wane as donors get pissed off at coaching staffs and such, but there’s a lot of money out there and people happy to spend it.
Now I doubt it can go up forever - some equilibrium will be reached - but I think it’ll be at a higher level than some may believe and that thinking about it through a return on investment lens misses why these folks are spending this money.
Then again, I also don’t know what I’m talking about. All this shit is out of control.