Yep. Theres a lot of wealthy kids that could not get into Duke or UNC there. Some people dismiss High Point because of that, but its something that should be studied. Higher ed is going to have to adapt. Just as we have discussed non-revenue sports impact on budgets, you have to look at non-revenue academic departments.
It is not uncommon at smaller public and private schools to have more faculty in a department than students. Tenure be damned, schools can't survive like that. A lot has been made by the enrollment cliff - the assumption by researchers in the early to mid 2010s was that it would deeply effect small private colleges. While that has happened, its been more detrimental to small regional public colleges.
Schools like Delta State and West Alabama are in for a world of hurt. Division II is full of schools that are drains on taxpayers. I think the future of college athletics probably looks a lot like this.
Division I-A (Power 4+)
Division I-AA (Group of 5 and most FCS)
Division I-AAA (non scholarship football + Division I other sports)
Division II-A (scholarship football)
Division II-AA (non-scholarship football)
Division III public (non-scholarship all sports)
Division III private (non-scholarship all sports)