As you can see from the article, the big boys aren’t taking any cuts, or any real cuts. Only those building houses of cards, those trying to pretend to keeping up with the Blue Bloods of the sport
The blue bloods are going to feel some pain if they lose home OOC games and have their stadiums at 1/5 capacity for the remainder. Ticket revenue is huge for them (around 60M a year at OSU and UM). And OSU's AD runs on razor thin margins because they support 30-something D1 sports all with full scholarship allowances. Other big boys like UM and Texas don't do that and have much cushier profit margins to cover a shortage. OSU could find itself in some real trouble. We'll see if the academic side will cover a 20 or 30 million dollar loss or whether they start trimming their AD down to something like UM or Texas has.
Football, Basketball and probably a dozen Olympic sports there that compete for national titles will be OK, but I absolutely could see them getting rid of 8-10 sports.