I don't understand why colleges have massive football and basketball programs anymore; I don't view athletics as working towards the university mission. With the way football and basketball have grown, it would seem that the Top 80 or so programs should simply privatize themselves, unchain themselves from the NCAA, and compensate their players with a living salary.
That said, I'm not sure Nebraska football would have grown as large as it did without ties to UNL. As a private entity, I don't think fans would have developed the same rabid attachment, since the team wouldn't bear the same name as their alma matter. You'd never get private donors to step up with massive contributions to expand the stadium or build athletic facilities. I'd wager that the team would have probably ended up like nearly every minor league team out there: empty seat and constant relocation.