I understand what you are suggesting, but that's unreasonable and would not fly. First of all, the total athletic budget is around $72M. So to come up with $3.4 million would mean cutting 5% which would be a draconian task. To put the $3.4 million into perspective, the Women's basketball program currently operates on a budget of approximately $7-8 million. Obviously you wouldn't cut in to one of the bigger programs, which means you'd have to pretty much eliminate smaller programs to find that kind of money. On top of that, all of the cuts would have to come from current men's sports programs, otherwise the proportional Title IX spending would be thrown out of whack.
Also, since the university currently subsidizes the athletics program to the tune of $28 million, mainly coming from tuition, spending that money on firing someone would be a PR nightmare. The university is already under heavy scrutiny for the high subsidy amount. The administration would lose their jobs in a heartbeat if they did that.