IMO you hit the nail on the head - I think the CU administration is getting much of what they wanted out of this partnership with Deion. I read some article the other day about how much viewership they're getting and the economic impact the games have been having in Boulder - it has been making a lot of people happy and wealthy, a far cry from where they were a few seasons ago and really since their joining of the Pac 12.
Obviously, they would want the team to win eventually. Colorado isn't like Nebraska with a bunch of committed fans who will pay their way through consistently bad seasons. The Sanders money train will eventually derail if they keep getting results like this over several seasons. But honestly, I'm not really sure how much CU cares. Colorado really hasn't been that relevant in the mid-2000's and they're incredibly relevant, interesting, and financially successful. If Deion doesn't work out they'll go hire someone else and still probably walk out feeling like Deion made them successful... at least from certain points of view.