I’ll add two more cons:
1. Tepid support (fans, donors, university itself, etc.) for athletics.
2. Very low ceiling for picking up bandwagon fans when they’re rolling … doesn’t matter where they are geographically, “Average Joes” tend to adopt a state school way before an elite private one.
NU has some massive donors, but the problem is that Evanston is a town that isn't very in to college football. Most of the place hates loud noises at night and yells at clouds.