There's definitely a virtuous (and/or vicious) cycle relationship between media coverage, fan engagement, and revenue. Recruiting gets woven in there to an extent, as well. These elements all tend to rise or fall together in a clunky kind of symbiosis.
I've always thought Northwestern could benefit from marketing itself as the "elite school of the people." Harvard has its blue bloods, Yale has cross bones and CIA spies, Stanford has State Dept pin stripes, and Cal Tech has braniac nerds. But Northwestern is the home of the genius with a lunch pail, the guy from the Mid-west who isn't afraid to get his hands dirty, the fellow (or gal) with some muscles supporting that big brain.
There's a niche for NU that no one else has. And it has the benefit (from this outsider's perspective) of being true. It has the second benefit of dovetailing very nicely with the game of football.
That's how you build a brand that a big chunk of the country can rally behind. Media attention and non-alumnus fan base might crank up over time that way.
p.s. Of course, you would have to give up that whole 'waving your keys at the opponent's fans who will one day be parking your car' shtick, if you took this approach.