It's too soon to tell. Why would the schools making big money from football need to cut non revenue sports? Why would a school like Penn State, which makes the big bucks and which currently sponsors many more sports than the NCAA D1 minimum decide to get rid of those sports? They could easily have dumped several of them years ago. If this new reality brings in even more money than such schools are making now why would they feel the need to drop non revenue sports when they may be better able to afford them than they are now?
And what will change for Villanova, Georgetown, Providence, etc. and why? None of them make money from football. Basketball is their meal ticket and will continue to be. Basketball doesn't cost nearly as much to sponsor as football does and it's unlikely these places will pay salaries to all fifteen or so of their players. Yes, they may drop a non revenue sport or two to offset some increased costs but it's not likely to be a sport in which they have such a tradition of success.
Someone mentioned NAU. Why would NAU drop the sport which has been their calling card in recent years? Would it be to have money to pay their football players so they can continue raking in football money? They're in 1AA. Football pays out more money than it brings in at essentially all 1AA schools with very few exceptions. Why would D1AA schools that are nowhere near as successful at cross country as NAU drop cross country or track if they already haven't? At a place like Duquesne non revenue sports attract applicants from high school kids who want to keep on with their sport in college. Robert Morris has brought it back.
I do think it's likely that some places that play big time football but don't make the kind of money the really big places do will drop some non revenue sports or no longer give out scholarships in those sports. Cal-Berkeley seems a good candidate. But remember this. All schools measure what they're doing against what they consider "peer schools" do. U Mass Lowell moved up from D2 several years ago because that was where most schools that they regard as peers played.
I think a big question here in terms of what the big schools do is whether they'll lose their tax exempt status if all of the gloves are off and they're making no pretense of sponsoring football and basketball as a way of "developing their students both mentally and physically." It's conceivable that even if the big time schools can bring more revenue if they're off on their own sponsoring professional minor league basketball and football it could turn out that they'll lose more of what they bring in to taxes than they do now by splitting it with places like Ball State or Wyoming.
I agree that the next few years will change a lot of things about D1 sports but it's just too soon to say that the entire sky will fall.