You mean what happens to the student athletes that can't spell their names, names that normal people can't pronounce? (g)
Cancelling the NCAA Basketball Tourney cost about $700 million that would have been distributed to member colleges. That tourney and the BCS are MAJOR sources of revenue for college sports programs.
It’s easy to rip on the schools but most non-revenue sports rely on that money to keep going. For example, Old Dominion just cancelled their wrestling program because they knew the money wasn’t coming in this year. Good thing the BCS money did get distributed.
The Ohio States of the world will be fine but scholarship money will be greatly reduced across America.