College sports maintain because no matter what else I do in my life I will always be an Ohio State Grad and I will always get hyped for The Game.
I go to Indiana State University (Division 3 in most sports), so maybe that's why I don't get the college thing so much. They have won something like 1 football game in the last 3 years too..
I think another factor why pro rivalries are losing their luster is that fans themselves move and live in many different places now. You add to your identity and can associate yourself with other teams.
I could move anywhere and still be a Colts fan. I tried getting into the Bears a little bit after moving close to Chicago but I just can't. They aren't MY team. I may wish them well and whatnot but I still go out to a bar or restaurant (one with NFL Sunday Ticket)on Sundays when the TV stations show the Bears game instead of Colts.
Also it seems every handful of years a league is realigning. As a Reds fan growing up, the team I was raised to hate was the Dodgers. I still dislike them but it doesn't matter now that they are not in the same division.
I guess this is the explanation that makes the most sense to me. And in college football they usually only play once unless it's for a title (right?) so each game matters and the divisions don't change often.