Collegiate athletics is just a marketing arm for the University. Them turning a profit isn't a necessity, but with all marketing plans you have to evaluate whether the reach it provides is worth the dollars that you're spending.
Little to no good has come from football in the past 15-20 years. In fact, the negatives have only tarnished perceptions of the university. Something likely needs to done. Ideally, it would be great if the MAC as a whole decided they can no longer keep up and decided to drop down to FCS, preferably non-scholaship FCS. Trying to keep up with the Jones's, even at the G5 level, has grown prohibitively expensive.