Good points but, in some ways, the U. has already passed you by. Chicago’s (relatively) new head football coach, who came from Dartmouth, had the following when asked about being ok with athletic mediocrity: “The University of Chicago doesn’t stand for mediocrity - it stands for excellence, and that’s where we want this program to go.”
Chicago is already giving likely letters to athletes, and I imagine the gap in SAT scores between athletes and non-athletes is widening. Further, D1 programs like those in the Ivy League do NOT give athletic scholarships, even though they compete at the D1 level. So, no need for Chicago to give them out.
Further, the school is undoubtedly emphasizing varsity athletics more - it actually has a very good (top 15) athletics program now, with some sports that are flat-out excellent - men’s and women’s soccer, the tennis programs, etc.
I imagine, for sports like Crew and Squash, having D1 programs won’t actually require much of a compromise - these are usually the most “elite-friendly” sports because they tend to attract (or generate) academic high performers. Also, Chicago’s new AD is from Princeton, so there is an obvious move to raise the sports profile of the school. What I offer is just the next logical step.
Relatedly, sure, Chicago’s position in finance/consulting is strong, but @DunBoyer you do realize - elite athletes are coveted across tons of industries. Many employers just like recruiting top-flight athletes. This would help with med school placement, those going into HS teaching, those who want to coach sports, pretty much anything. It’s not just finance/consulting, by any means.
Virtually the only oft-traveled industry that wouldn’t care would be PhD programs. Outside of that, most places like the allure of the elite athlete (all else being equal).
I haven’t seen any arguments that negate the good having some (not many) elite athletes that ALSO invest in Chicago’s education around. Cost and supply are two possible considerations, but the sports I list aren’t excessively costly, and there’s enough supply of good squash/crew types to make Chicago competitive. Heck Chicago’s club squash program already IS competitive.