ISU spending on football has gone up about 12 percent this year over last, and has increased about $350 K over the last three years, according to figures ISU submitted to the State Board last February. So it's difficult to say ISU has "gutted" financial support for the program.
As to the question of whether ISU wants to continue to sponsor FCS-level football, the administration needs to (and may have already) determine what its goals are for the football program -- what is it they are hoping to achieve through the football program. Then, if they are not meeting those goals, they need to determine what needs to be done to meet them, or whether those goals are indeed attainable. (Again, they may very well have already done this). This would be a great topic for an in-depth discussion with the president, either in the media, or with the ISU alumni association board.
Absent such a discussion, a few things are immediately obvious: 1) Quick turnarounds in FCS football are achieveable. Remember, the 1981 national championship team followed an 0-11 team by just two years. Recently we have the more modest example of Northern Colorado, who was winless last year and has put a very nicely competitive team on the field this season. 2) The institution of APR requirements has changed the situation considerably, making it more difficult to recruit marginal student athletes. ISU's failure to meet the new APR standards and the subsequent steps the university has taken to get out of "APR jail" make it much more difficult to attain a "quick turnaround." 3) So the question has to be asked: do ISU supporters have the patience and the stomach to endure through these difficult times? And, as has been noted by others on this board, what happens if after several more tough years, we still don't achieve competitiveness?
These are difficult questions that have no obvious or easy answers. The university and its "stakeholders" (students, donors, alumni, state board, etc.) are going to have to decide if the pain is worth the potential gain.
As to the Big Sky Conference, I don't know what the requirements are for football participation, but I was told at one time that there are no provisions within the conference by-laws for "expelling" a conference member. I know the conference and the NCAA have basic requirements for being an FCS member and a Division 1 member. Obviously, to be an FCS member in football, you have to have football. I don't know if you dropped football how that would impact Division I membership in all other sports. But clearly these are questions the university would have to address if it were considering dropping football.
To me, the ultimate questions are these: does the potential benefit of eventually being a "successful" football program outweigh the current negative perceptions the football program attaches to the university? And if so, then what has to be done to achieve that "success" in the future?