The chancellor can make this simple.
Bring in the athletic director and his executives...note that the school is disengaging from all NCAA sports for a three-year period. You don’t need their services, so dismiss them.
The team? Send them a note and just say school provided accommodations will be finished in seven days, and the scholarship deal will no longer be valid.
Any professors who support the walk-out? Dismiss them, period.
I like the way you think! This whole meeting would take less than 30 seconds. Good day gentlemen, and close the door on your way out please.