In football, the Hail-Mary pass is a last-second, desperation play that has a chance of winning or tying the game, but has a very low probability of success.
Colleges and universities try something like the Hail-Mary when they attempt to use success in athletics as a means of improving their academic reputations and finances. The idea is that winning at sports will transfer over to the institution as a whole, boosting applications and funding. Like the Hail-Mary pass, it’s unlikely to succeed, but college administrators keep trying.