That is incorrect.

Even at schools who have athletic programs in the red, football brings in the most money out of any of the sports....with the exception of some of the schools that have basketball juggernauts with lousy football (Kansas, Duke, etc.....although FB at Duke has been much better recently).

How can that be?  Well, do the math.  Even in their bad Hawkins/Embree/early MacIntyre years, CU still had over 30,000 a game (even if they didn't stay for the entire game....money was paid for tickets).  No other sport at CU draws 30,000 a game.

CSU, up until recently, had a women's water polo team.  Here was their schedule from 2006.  Don't tell me that they paid for their travel without athletic funds that were largely acquired from football:
http://csurams.com/news/2005/8/10/CSU_Water_Polo_Announces_2006_Schedule.aspx?path=wwpolo

It has since been dropped, and women's soccer added--which makes much more sense, as the Mountain West actually sponsors soccer.