I went to a large state school (SUNY Buffalo) where the administration wanted to go division 1 when I was there in the early 90s. Transitioning to division 1 came along with a large (to us) mandatory athletic fee. The student body voted against this multiple times, and then the administration simply stopped asking and went division 1 anyway (and imposed the fee).
[1]:https://www.bestcolleges.com/blog/do-college-sports-make-mon...