Every time this subject is brought up it just goes round and round.
When you have nothing but foreign distance runners the sport just becomes "something other people do." So with out any successful role models the sport continues to die in the US. I know seeing guys from my HS CC team go on to run in college was a HUGE motovating factor for all of us the team.
If you do not see the universities as having a duty to do anything but win conference championships then you will have no problems with an all foreign team. I think they (schools) have an obligation to try and better the sport.
Maybe US distance runners need Affirmative Action (for lack of a better term.) We are always told that under AA just giving someone the chance will allow them to go on and show what they really can do. If it works for minorities, why not under represented distance runners.?
Finally, if you think it's easy to cut the CC or track programs now, just have most of your athletes come from some where other than the US. It makes it 1000x easier to cut. See Blinn for a great example.