It's not all self-contained revenue from athletics and donors. They are subsidized by the tax payers.

Beyond the Books found that in 2020, Utah college sports (all institutions of higher education in Utah) raked in $202 million dollars, mostly from ticket sales, television contracts and the National College Athletic Association. But 43 percent of that comes from student fees, tuition waivers and Utah taxpayers.

I don't have the specific number for the Utes, but I'm sure someone could find it easily. Every student who attends the U pays a fee to the athletics department, even if they never go to a game. The university says the students universally support the fee.

Utah finishing fiscal 2020 in the black (by about $2m) includes the fact the athletic department received $6,041,538 in student fees, and another $4,884,719 in direct institutional support, which includes “facilities, general and administrative, and Title IX support.” The department notes in its financial report that it receives state funds in the form of tuition waivers, Title 53, special, and continuing scholarships. In addition to that, the state (tax payers) is paying to renovate and expand the stadium at the U in the name of the upcoming olympics.