I personally don't think you're going to see football or basketball this year. I know football is the lifeblood of almost all major athletic departments, but I don't think you're going to see teams get together in groups to practice or play. There would be too much of a dichotomy between sports teams and the rest of the student body (and public in general), and the public outcry will negate the idea, whether right or wrong.
Yes, there are millions of rabid college football fans, but there are many, many millions more people who don't give a rip about sports.
You also have to keep in mind that universities don't need sports. For example U of I has way, way more resources to support itself than the athletic department could ever dream of.
I think as sports fans we get tunnel vision thinking that there's no way a football and basketball season could get canceled, but it's not outside the realm of possibility at all. Sports will resume at some point, but the financially struggling programs will be weeded out. And I don't think it's going to happen this fall/winter.