In marketing, it's often essential to have a 'loss leader'. In the grocery business it's often milk and eggs. In fast food, it's the value menu. You're willing to accept a loss on these items because it brings customers in the door. In fast food you're giving away the value items knowing beverages are your cash cow.
In major colleges, this is often the athletic program. Within the college, the football program is most likely the ONLY entity that actually brings in significant revenue. Without it, there goes the vast majority of your sports programs - lacrosse, baseball, softball, wrestling, volleyball, swimming, gymnastics, rowing, and maybe even basketball - GONE without football revenue plus this $100/mth fee. So it's not enuf that football isn't that important but without it, you have no athletics whatsoever... and I do not believe Rutgers stays intact without sports.
Might be a surprise but Rutgers is generally rated around #35 as toughest public colleges to get in. It is also one of the best values you'll find in the major college arena. A major problem is the professors and instructors are full of themselves. They actually believe that many folks still perceive Rutgers is Ivy League and that the students thirst for these elite professors. First hand experience with this. So this ultra liberal profs see zero need for athletics. To them, Rutgers is all about the academics. Their sense of reality is grossly missing.
If Rutgers football had just a respectable level program, the attendance would increase monumentally. When they get a full share of the B1G TV revenue, Shiano's plan could work. but if they try to go the cheap route.. well, it ain't gonna go well.. They're making a major decision on their next 10 years. Go big or go home.