Those policies do not cover long term care, which he seems likely to need.
Looking into the matter, one of the gofundme accounts was set up be a daughter of a TSU coach, and the other was set up by a local resident of Nashville not directly affiliated with either TSU or Vandy.
I could understand some concern having a staff member or immediate family member of a TSU employee doing anything separate of school sanctioned options.
I could see it either way as far as a private individual or group not affiliated with TSU.
There are of course other issues then simply medical expenses of course. To my understanding, his family isn't from the Nashville area, so they're either staying at the hospital and/or having to rent a hotel room.
Every day one or more family members are with him at Vanderbilt, that's a day that they aren't able to go to work or whatever they do for a living. That can have an impact on rent or house payments, utility bills, all sorts of stuff.
Even if TSU covers any and all medical related expenses down to the last penny, this could still be a very damaging burden for the family going forward.
That and as bamawriter pointed out, while most schools are generally able to cover medical expenses in the short term, there's no guarantee that the can or will do so down the road, assuming he pulls through. He's good right now, but a year or two from now, if he pulls through, TSU may be unable or unwilling to offer any help at that point.