There really isn't a reason for D2 anymore. Why give athletic scholarships in D2 when you don't give scholarships for D3?
Just as we are seeing that academics is becoming more irrelevant in top level college athletics (and many apparently think it is already irrelevant), the same can be true for the need of Division II.
Many Division II schools are smaller private schools that cannot afford to give full scholarships, let alone pay the other perks the “student”-athletes at Division I schools are receiving. This somewhat allows the Division II schools to compete with Division III public schools where student athletes from in state would pay less tuition than a scholarship recipient would receive from many Division II schools.
Other than scholarship money Division II and III philosophies are very similar in terms of the proportion of relevance that should be given between athletics and academics. My guess is that there are other reasons St. Anselm. The conference they will be moving to has a smaller footprint than the NE10. Don’t be surprised if St. Anselm begins offering more academic, leadership, and financial need scholarships to student-athletes.
Division II is still doing fairly well. If you do not count schools that have closed down or merged with other schools, there is a net gain of schools entering vs. leaving Division II for other divisions or other athletic associations. Division II receives 4.37% of the NCAA’s operating revenues (vs. 3.18% for Division III). The money comes almost exclusively from the NCAAT. If and when the P4+ breaks away, that will put a damper for Division II and III and perhaps FCS and other schools. In that case more schools may change their model to no athletic scholarships.
I knew a faculty member, now retired, from St. Anselm, who was heavily involved in athletics there and a big proponent of the Division II philosophy. My guess is that he is disappointed with the move. But this may be the move that St. Anselm needs to take at this time.