To my 10 year old son, this is still just as fun as it was when I was his age.  That is because his focus is on the games and the environment at the games.  The players on the field wearing the orange and blue, the marching band playing our fight song, and Albert/Alberta walking the sidelines.  He isn't consumed by all of the other nonsense that we see (arrests, drugs, etc.).  Sure he is aware of them, but he just shrugs his shoulders, calls all of that ridiculous, and foucses on the games.  

From a cynicism perspective, I think it might stem from just how big this all has gotten.  I could be wrong here, but I would venture a guess that the average age of a VS poster is at least mid-40s.  I just turned 39 last week and have been posting here since I was at UF in the mid/late 90s.  Many others were at UF earlier than that, and therefore enjoyed the rise of Gator footballl to what it is today.  Think about what that experience was like.  Not just the winning championships when there weren't any before, but also the magnitude of the money.  It has gotten so big and so out of control in many ways that it just seems less, well quaint (for lack of a better word).  

I try my best to view it like my kids do (although my daughter is less interested in football than she is in softball/gymnastics).  Watch it to have fun, watch it for enjoyment, but don't get too wrapped up in the other stuff.  It can ruin something meant to be fun.