Moving to a lower subdivsion or eliminating athletics doesn't look to be worth it when it eliminates revenue and reduces tangential publicity and prestige attached to FBS football.
But you are begging the question here, Wes. How much is "publicity and prestige attached to FBS football" worth at our level? If, hypothetically, you made football a non-scholarship sport, and cut the accompanying 85 scholarships in women's sports as well, it isn't clear to me that the loss in football visibility, fundraising, and other benefits related thereto, would outweigh the savings. They might, they might not. Right now we don't know.
Don't get me wrong, I'm not proposing that we do that, but in total I question how much the visibility of being a member of the MAC is really worth from a football perspective. Schools like Gonzaga, Butler, Xavier, George Mason, and Dayton (admittedly extreme examples) have gained much more visibility and prestige from their men's basketball programs than we have from football. For that matter, we have gained much more visibility and prestige from our basketball program than our football program, both recently and historically.
At the end of the day, the point is that anything we debate here about the numbers is conjecture, because the university has never documented the benefits of our football program, despite the fact that there are ways (albeit imperfect ones) to do so. Until then, any suggestion that the benefits outweigh the costs are complete guesswork on your part.