My guess is that, in part, football and basketball coaching salaries will decline. Right now, their sports bring in money, that in the NFL or NBA, would go in part to players. If you think a better football team is worth $5 million, then bidding for coaches that can do that has to create a $5 million dollar salary. Now, some of that $5 million will have to go to the players. Maybe even most of it.
As to non-revenue sports, it seems like a similar dynamic may cut them to. Or maybe not. If football and basketball have been competing away the economic profits in coaching salaries and fancy facilities, then perhaps the non-revenue sports will remain as they are.
In any case, is it fair to demand that college football and basketball players cross subsidize others? That is what is happening now. The players help bring in a lot of revenue, but they get locked out of most of it due to the (now defunct) NCAA rules against paying them. Instead the money goes elsewhere in the university.