This educational financial issue has been a big problem for a long time. Covid-19 may expose it. Small to mid-size private colleges have been struggling for the last 15 years. I recall being at a multi-private college conference about 10 years ago where I was asked to speak about the future of cloud computing. A the event, every small to mid-sized college President, CFO, CIO discussed this financial issue in front of the group. It was an issue that every school was experiencing.
My understanding is public universities struggle but in a different way as their tax payer funding has been slowing eroding over the same time 15-year period. Public Universities have tried to replace that state funding through research grants and research institutes as well as through athletics (conference alignment, etc...). Some more successful than others. Now, you throw the Covid-19 pandemic on top of this of the educational economic time bomb and it isn't going to be good for small to mid-sized private college athletics...in my honest opinion. Educators and folks looking for advanced education in small and mid-sized private colleges will have a lot to think about in the near future.
Financially, it may come down to getting what you need in an education @ a small to mid-sized private college, but not everything you want to include athletics. This may not be such a bad thing, as there is a surprising number of students that don't care about college athletics. I went to a small private college (D2 at the time) in New England and played college tennis. That same college is now a University and playing at the D1 level. Frankly, when I attended college the only people that cared about athletics were the athletes themselves. Athletics was not something the entire school rallied around and it was not for the betterment of everybody's education. I probably would have gone there without tennis. Times have changed. Colleges think that having a football team puts your college on the map, drives admissions applications, and gives the alumni a reason to come back to the school or donate money. Potential college athletes are thinking scholarship...I know I did when I saw what was being offered to my son. But, I'm wondering if all of this athletic arms-race is really sustainable or necessary. I guess the athletics in the small to mid-sized private schools will be the canary in the coalmine in the coming years.
As always, JMO.