Should NCAA remain tax exempt?

Congress has recently asked the NCAA to justify its tax exempt status. Questions about the organizations television contract with CBS, the high salaries of coaches, and athletic facilities were brought up. Congress is questioning the NCAA's commitment to higher education.
The NCAA expects $563 million in revenue in 2006-07 with about $500 million coming from its contract with CBS. Almost two-thirds of the revenue is given to schools and conferences. Of this portion, 60% is spent on student welfare and academic enhancement, with the remainder paid out to the winning teams in the NCAA men's basketball tourneyment.
With the NCAA generating so much money, should it still be kept exempt from taxes?