The IHSAA doesn't pay for rings. They provide 75 medals for winning and losing teams at state. Any school can order more medals at a minimal cost. The 75 limit undoubtedly keeps the sidelines less cluttered and the post-game presentations more efficient. It also probably also has to do with the (very) modest reimbursements they provide during the latter stages of the tournament.
The IHSAA is pretty tight on host site costs, etc. for Regional & Semi-State, where they get the vast majority of the gate receipts. We have typically had to raise $10-12,000 to cover costs when we went to state, not counting rings for the 2 years we won. We are 3.5 hours away and don't own busses, so we have to rent them and pay for hotels, food, etc.