I have a question

I was interested to learn that Texas will remain in the Big 12, thanks to a complex deal that will allow the University to have its own sports network.

"Based on a TV deal in the works that could pay upwards of $25 million per year, Texas leaned toward staying in a 10-team Big 12 for the foreseeable future, Orangebloods.com reported, citing sources familiar with negotiations."

In other news, many college coaches earn millions of dollars per year in compensation.

My question is this:

Why is this activity tax-exempt?

The IRS wonders, too.