It doesn’t have anything to do with being cheap, but no schools are adding sports in today’s modern age. Particularly not expensive sports that require a multi million dollar practice facility that there isn’t space for and competition dates and practice dates for an already jampacked schedule at Thompson Boling Arena.
They did consider adding gymnastics in the late 90s when they added rowing. But gymnastics at that time only had nine scholarships, rowing has I believe 28. Gymnastics maximum squad size is 12, rowing is 65. From a title IX compliance standpoint, it made a lot more sense to add rowing than it did to add gymnastics and two other sports.
If you were looking to add a sport today, it still wouldn’t be gymnastics. Despite the popularity of the sport from a TV standpoint, and attendance across the conference, there are only 40 or so varsity gymnastics programs in the country, a number that has shrunk over the last decade. It’s also incredibly expensive. Beyond the practice facility that would be needed, as I mentioned above, gymnastics has the highest cost catastrophic injury insurance of any sport played collegiately, including football. Catastrophic injury insurance is the biggest expense for most division one gymnastics programs, even above scholarship and travel.