BYU does accept federal money. They're now under investigation for non compliance with federal Title IX law regarding the April rape reporting incident. 260 other schools are also under investigation, so it's not like it's a really big deal. They all end up deciding to change their policies and procedures in line with whatever the feds recommend. They won' t risk losing the federal funding on principle, if it comes down to that.
Whether all the negative press will derail their B12 candidacy remains to be seen, but if the networks really want them they'll be in. Who's got enough corresponding value to replace them? Only us, but that presupposes we are already on the outside looking in, which is possible but unlikely.