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In a nutshell their study shows that winning football games not only increases donations but also improves the perception of a school's academics.

study summary

Quote:For FBS schools, winning football games increases alumni athletic donations, enhances a school’s academic reputation, increases the number of applicants and in-state students, reduces acceptance rates, and raises average incoming SAT scores. The estimates imply that large increases in team performance can have economically significant effects, particularly in the area of athletic donations.

So one could assume that the negative publicity from closing a football program, especially in the manner in which it was done here, could negatively impact all of that.

Good job, Watts.