Every year, we on CC argue about this. Some go nuts. Even kids with pull get vetted. This isn’t shutting out some huge number. At the school I know best, it’s less than 1%.
UVA’s endowment is roughly 6 billion. Puts it in league with Cornell. UMich is 10B (but that, like some UC figures, may be for the larger system.)
Adding: I worry much more about some athletes, their cases ‘flagged for special handling’ or rubber stamped, some who later suffer academically.