While there's certainly truth to this, there is a point of diminishing returns. Routine losses and bad seasons will eventually shift the ballast from fan engagement towards fan apathy. Apathy is a program dagger and ultimately hurts radio, TV and online content producer pageviews/ratings.
At the moment, the ballast has absolutely shifted towards the latter based on the pockets of Nebraska sports media I still have a pulse on. Reader/fan engagement has not been what it was in comparison to the first couple Frost seasons. I've heard rumblings of similar things from people knowledgeable of the local TV/radio ratings, as well.
Eventually, people will stop caring if you suck long enough.