It would require an epic F-up of mammoth proportions. It would almost require conscious destruction. NBC stayed on board, merchandising remained viable, and the sellout streak remained nominally alive through 3 epic failures.
I have no idea what the PTB think about big-time sports in the abstract at this point. It's obvious that they view FB very differently from BB, and it's equally apparent that they're largely indifferent about having a tier 1 MBB program. You've cited likely reasons for that perspective, although the general ennui from both students and alumni (arguably addressed in point 7) is a likely factor, too.
*I know that the N Side goose doesn't lay quite as many golden eggs these days.