2) (This might be most important for the casual fan) Neither the School, nor the Stadium have done anything in 10 years to improve the gameday experience (How about a High-Def video board? No, instead we get DJ Joey and his sidekick).
3 a,b, & c) We are in year 5 of a national economic recovery, college graduates are having a harder time finding jobs, If they do, they have comparatively less disposable income than most of us did at their age, and the fan base is getting older as a result (Example: At kickoff for Indiana, I was 26, single, and realitively financially secure. Now I am not, not, and - married with a baby, so - not as much).
The underlying problem though is no one wants to follow the product on this field after they see what is happening at other college stadiums throughout the country, as well a on Sunday. The team just really isn't all that exciting to the general populous and winning is only half of the solution.