It would be foolish to drop football for many reasons, not the least of which is that PSU may have a better chance of competing once the dust settles on college football realignment. If the NCAA moves forward with creation of a third DI subdivision, or if conferences like the Mountain West keep evolving, PSU may end up in a better spot. None of this is assured, of course, but it isn't hard to envision a scenario where the cost of competing in football is decreased and/or the attraction of Portland's TV market makes it easier to raise revenue.
That said, there is nothing wrong with PSU placing more emphasis on basketball. Doing so doesn't necessarily take away from football, either. It's just that PSU, especially with a new arena, has an easier path to success in that sport. Frankly, this has always been the case.