Wait...Are they dropping to FCS in order to net save money (less revenue but a bigger drop in costs)?
If so, wouldn't this free up money....which could mean MORE money to other/women's sports?
Title IX cuts both ways. The reason the women's sports exist is to provide scholarships to women equal in number to men. If you cut 22 football scholarships, you then have 22 more women on scholarship than men. There are two ways you could fix that. One would be to also cut 22 women's scholarships, and the other would be to add 22 men's scholarships in other sports.
Since part of the reason for this is cost savings, it's unlikely that they would add 22 scholarships in other men's sports, and far more likely they would use this as an opportunity to reduce the spending on women's sports in addition to reducing spending on football.