It's a gamble, but they also know Colorado is a fairweather sports state with every sport, college or pro, except for the Broncos who are essentially bulletproof. Tickets will be sold again if the program starts winning, and if it doesn't, then they are going to lose the current season ticket holders anyways.
This comment will surely receive pushback, but people here act as if the AD is tone deaf with raising ticket prices. I assure you, they are not. It's 100% a calculated move where they have decided the non-renewals lost are worth establishing the new baseline cost for season tickets and donations and may even be revenue neutral in the near term with the people who DO renew making up for it. Will be interesting to compare 2021 to 2022 revenue this time next year.