Mostly agree, but it's worth noting that the PL gets far greater coverage and exposure now than the old Div 1 did in the 80s.
I don't think it makes a difference how big football itself is tbh, the Colleges/Oxford Uni just aren't that interested. Oxford Brookes clearly are with the link ups we have/had with them over the years but the Uni not so much even in that regard (unless I've missed loads of community tie ups including via the Community Trust).