I'm clearly in the minority but...
...as someone who grew up watching a lot of Premier League, Eredivisie, and La Liga (where everything is sponsored), I like this. It's a really, really easy way to get additional income, and I doubt fans aren't going to support the team because of this.
Also, it further emphasis that college ball just isn't an amateur sport anymore, which I've agreed with for a while.
Next step, which will probably get a few fans to jump off a cliff: sponsorships on the jerseys.
Criticism may not be agreeable, but it is necessary. It fulfils the same function as pain in the human body. It calls attention to an unhealthy state of things. - Winston Churchill
President of the "Nolan Smith Should Have His Jersey in The Rafters" Club