I'll give you and old fart's perspective. First, lets get a few things out of the way. There probably is less passion among the students and recent grads. Second compared even to the 90's every game is on the TV, that was not the case pre '90s
Now from an old fart:
1. The in-game in-stadium experience is great, if anything it's better than years ago. I would much prefer to be sitting in the stadium watching the game than on my couch downing a few.
2. Stadium capacity was 62K in 1981, then 72k through 1990, then jumped to the mid 80ks after that.
3. Getting to the game was easy in 1981. Getting to the game now is like going to war. The infrastructure surrounding the stadium has not kept up, and you'd probably have to level half the campus to fix it. The ease of getting to a game started going down the crapper when the stadium went to 72k. It's worse now.
4. Who the hell wants to watch a game in 95 degree heat.
So too many seats means just getting to the stadium is an unpleasant experience which trumps the fact that I really enjoy the game once, after a long slog, I get there. I think most major programs have run up against the same critical mass. Cramming that many people into one stadium causes problems,problems that haven't been solved.
Anybody got a helicopter?