The athletic dept has been running on deficit for years. The difference we have now is most major donors have left. Same for corporate donors. Sadly this is the case for the entire university. Numerous factors have caused this. It starts at the top.
Infortunately the Pyramid has issues that may be too costly to repair. A new facility may be less expensive to build. In addition the Student Union facility has issues, including lack of erthquake retrofits. Another major cost to fix. The Fine Arts Dept is in serious need of a total redo including updated equipment for students.
It will be interesting to see what happens with all of this.