I would agree with you if full-time enrollment wasn't a problem for the University of Montana, but it is still declining. The administration prefers to report its overall headcount, which has seen improvement, but undergraduate, 4-year degree seeking students, are still declining, at 6,237 this fall.
Enrollment matters. In 2008 when UM was planning for Majestic Plaza, the forecast for enromment was that growth in graduate and undergraduate FTEs would drive total enrollment to 16,000 by 2015.
Student athletic fees matter. Imagine how much easier it is to fund facilities when FTEs are going up. Much easier for MSU than UM right now.