Intuitively, the greatest universities
have professional schools (medical, law, engineering, architecture, business, education) and great football programs. Think of iconic American universities and this is very much the case.
The Harvard-Yale game is a power-fest for the elite, though, athletically, not nearly on the same level as, say, 'Bama playing Florida State. The game is held in a different context, but such Ivy League football programs are considered great nonetheless.
Consider now Stanford, UCLA, Ohio State, Michigan, Washington, Texas, Florida. All true. The iconically-great universities have all professional schools. WW knows this. I believe he is not speaking ignorantly, but facetiously.
I believe WW simply desires the football program be self-sufficient, so as not to be a political liability or a drag on the university's financial expansion. This carries two meanings in the form of understood directives: (1) play two money-games a year to fund the program's expenses, and (2) have the program's quality raised equal to the task of doing so. This punctuates program development into higher quality play (to attract followers) and self-sufficiency (to insulate from detractor criticism).