Roger Noll once made the observation that sports on campus must be demand driven, ultimately, and not just the result of a conspiracy among boosters, coaches, and board members. After all, boosters and million-dollar coaches are nowhere to be found at small private colleges, which operate in an unsubsidized, competitive market. Yet small colleges compete for students, in part, by spending a significant (5%) chunk of revenue on small-time intercollegiate sports. If reallocating this expenditure yielded a better crop of applicants, you'd expect to see that choice made.
Student votes are taking place at a number of institutions in the current environment, and not all of the sports-funding initiatives are winning. Students at Long Beach State, for example, rejected a $190 per year increase in fees that would have covered "rising costs, cuts, and a new soccer-track stadium." My sense is that Long Beach is a commuter school, and soccer and track don't exactly "galvanize the community." That package seems a tough sell.
Here's the story on CSUSM, with a brief discussion of other fee-based sports funding proposals around the country.
(Note: The original post confused CSU San Marcos with UC Merced, which I attribute to my pre-6am reading and posting on the story. Thanks to CM Gayley for the correction.