From SI:

A total or partial loss of the sport could send some athletic departments so deep into the red that one administrator predicted even Power 5 football programs shuttering. But the absence of football is only one piece. The long-term and severe financial impacts from an economic recession could not only reform forever how departments operate but also could spell sweeping changes to the landscape of college athletics—from the formation of a super division to a new wave of conference realignment, from money-saving travel modifications to football scheduling alterations, from discontinued sports to thousands of lost jobs.
Meanwhile, at the highest level of the sport, officials are bracing for a loss in all three major revenue-producing categories: conference distribution, ticket sales and donations. Conference/postseason distribution and TV money is a significant part of every athletic budget, as much as 40% in the Big Ten. It includes postseason football and megamillion-dollar TV contracts that could be impacted without a season or in the case of a truncated season. “The revenue from ticket sales and concessions, that’s all significant, but we could figure that out. Your expenses get reduced,” Young says. “On the other hand, where the revenue comes from athletics is really the TV contract and distribution. That’s really important.”