Attendance would increase, student attendance would increase and sustain through most of the game and the overall experience would be improved. To suggest otherwise is just ignorant. There's a reason every major professional venue sells alcohol at events and it's not to keep attendees well hydrated. It's to make money and to enhance the experience.
I'm in agreement about making money. Increasing the actual attendance, I'm not in agreement, though I can see how a small bump in student attendance could occur. Sustaining the student attendance, I can see the thought process there. I'd be interested to see some actual data from places that have been doing this for a little while. I'm thinking of BG, where they've done it for a couple years.
I'm not sure how anyone being able to have a beer or two at the game enhances the experience. It should enhance revenue, which is why I'd be in favor of it. For football games, most of us have spent more than enough time beforehand tailgating and/or at a bar, that I don't see the real benefit in "enhanced" gameday experience.