I believe there is a more insidious reason for dwindling attendance, not only for college football, but all sports. Much of what hardcore said is likely true. But over time, money has attacked and diminished the integrity of all games and that leads to people blowing off actual attendance. If I watch it on tv, I can at least go to the loo, or grab another beer, or make a sandwich.
i don’t go to many games anymore. But this year, I’ve been to 3 college basketball games and the UConn/Navy football game. What struck me was the constant stoppage of action in all of the games in order to squeeze in more commercials or to head to the instant replay to confirm something. The teams try to mitigate it somewhat by tossing tee shirts into the crowd, getting some fan to try to kick a field goal or make a half court shot, or set up some kind of stupid dribbling game between 2 fans.
All of this, in the name of greed and the almighty dollar disrupts the flow of the game and generally bores everyone.
When I was a kid, it was nothing for a MLB game to be played in 2 hours. I’ve seen games complete in 1:50, 2:05, 2:20. Now it tales 3 1/2 to 4 hours. Baseball is ‘concerned’ at the long times to play so what do they come up with to stop it? Put a stop watch on the pitcher and batter??? If that saves 10 seconds per pitch, it will save 15-20 minutes, not 2 hours.
Reduce the number of commercials and you’ll reduce to time required. (Yeah, I know. It’s quixotic. Everyone wants to be richer than god.) Eliminate instant replay and challenges. They don’t work anyway, and breaks even out over a season. The only ones it benefits is Vegas and the bookies. They'll get by just fine. That will improve the flow of the game, reduce the strain on the athletes, reduce the time commitment for fans to go to the games and they’ll probably attend more. Otherwise they be playing in front of empty arenas in another generation.