Not to mention, at least in my opinion, that the team belongs to the students more than it belongs to anyone else. No students = no university = no football team.
The team belongs to the university. There are students at the university who are fans of that team, and students who are not.
And if there are no students to attend said university, there would be no university. Therefore, without the students, you don't have a football team.
This argument can be made that the students don't matter, but it isn't logical. You can have a football team without the generic fan. You need a school for them to attend, making them student athletes. They could play a game in front of nobody if they had to. There are schools do (figuratively) that. However, you would not have a product to watch on the field without students. Therefore, the students are most important and it would, more than anything else, belong to them.
Now, obviously others matter, but if you were to move the students closer, you would get faster sell outs and better attendance.