Anything that would impinge too severely on Title IX would just open up many more cans of worms and lawsuits from whole new quarters. Title IX does not enforce any kind of equal opportunities for men and women in sports, but it does require at least a semblance of an effort. There would be such a backlash across the country if the NCAA allowed schools to remove football and basketball players from the participation tallies that congress would certainly get involved. I know one NY senator I would write to to lead the charge.
There are going to be many many meandering moves by the NCAA, schools, and legal teams before this is all halfway sorted out, and there will be hundreds more major articles written about all the ripples in the college sports, from the number of teams, to the financial networks supporting the schools, to the emerging athlete-student rights movement, to the effect on education, to the scrambling of the P5 teams to hide their revenues, and on and on. Could be all mildly interesting.