The ramifications seem to be broader than I had first thought.
Just think about this: Colleges and universities were created right after we became a nation. They didn't have sports teams and later on just intramural sports done for the fun of it. Sometime later they started to play other colleges and not only did everybody want to cheer on their school but the alumni started to notice and alumni donations started flowing in to the coffers at a much greater rate.
If college sports dies I believe a massive chunk of alumni donations will disappear thus forcing a complete rethinking of the entire operations within the colleges. Things will have to be pared back and I do guarantee you the trash degrees being handed out now will be the first to go. There are universities who are now cutting back on those types of degrees because student populations and some donations are getting smaller.