On the field over the past decade, Pitt has seen its share of ups and downs. An SB Nation study looking at how teams have performed in terms of football (not overall athletic department) revenue earned suggests they have won about as much as should be reasonably expected.
In this poll, the Panthers' Massey poll index rating (a rating based on numerous polls and rankings) over the past decade (2006-2015) is about No. 47. In terms of football revenue, the Panthers were right around No. 47 as well. Pitt, Clemson, Wake Forest, and Troy were the ones that had the closest ranking/revenue correlations.