Spending on a project that, in and of itself, does not generate cash is the same as losing future revenue except: a) it's classified differently (increased expense); and b) it's guaranteed. Regardless, do you believe that anyone did a dollars and cents analysis? Don't bet the old homestead on it.
But you raise a good point about feeding the cash cow. Unfortunately, the folks who run the Athletic Department don't think that way, or, at best, are late coming around. If you look at the first presentation of the Athletic Facilities Master Plan, Beaver Stadium was in the last phase, fifteen or more years off, and other football facilities weren't even mentioned. Instead, the immediate plans were to build an outrageously expensive aquatic facility, indoor tennis courts, upgrades to the soccer stadium, a practice facility for the money-losing sports, and last but not least the Center for Excellence (who the fvck names a building that?). If those are the projects to which you refer, fortunately, it doesn't look like they are happening (or it's the best kept secret outside of Area 51).