I've said this before but I'd consider adding a non-scholarship football team like they have at Drake, Valpo and Butler. It's an easy way to add 120 or so students paying tuition plus having a football team -- even a glorified D3 one -- can help attract students. Peoria Stadium is getting an $8 million facelift to make it at least presentable. Standifird is from Butler so I'm sure he has thoughts on this.
It would mean adding a women's soccer team too to comply with Title IX. A lot more students there too although some scholarships would be necessitated to compete in the Valley.
Adding two major money losing sports to close a budget deficit? Interesting approach.