The "cost" of a scholarship is almost $0. The salaries will get slashed. The schools will raise a litany of contract defenses and no one making a few million bucks a year is going to have the audacity to sue a school. That would be career suicide.
But make no mistake, the Non P5 and FCS programs will be thrown into dire straits by this. Some of them won't make it. Hell, some of the schools are going to collapse. There is no way in hell we get to the other side of The Germ and still have 4 directional schools in Illinois or all of those state funded MAC schools in Ohio and Michigan. Absolutely no way. There are what, a few dozen religiously founded schools dotting the Iowa landscape? Places like Wartburg, Cornell, Graceland, Luther, etc. -- there is no way in hell that all of those schools get through this. Just no way. The problem is it is really hard to consolidate the remote colleges because you can't really recognize any cost savings unless you close one of the campuses.
It will be interesting to see how all of those college professors who claim they are taking "below market" wages do when they get thrown into the real world. It is going to be U-G-L-Y.