First, football and basketball basically add nothing to the academic agenda. In fact, given that a great many of the players are borderline criminals to begin with, they actually drag down the academic agenda and I don't at all buy the argument that if it weren't for sports these kids would never have a chance to go to college. So what? College is for advanced education. If you can't cut it academically, get a job.
If someone could come up with a composite figure of the amount of money these two sports cost society I am sure it would be staggering. Think about it. We outfit and train these kids from grade school through college. We build multi-million dollar stadiums and arenas for them to play in so that a handful of them can go on to the professional level. Then, on that level, not only have we handed the NFL and NBA a trained employee, but also built their palaces for them at costs as high as a billion dollars a stadium (Dallas stadium).
Strange thing is, I love college sports. But if I were king, I'd cut this cancer out at the roots.