Provide total financial support to the two sports (football and basketball) that generate income when they win.
Set goals for those sports (win 80% of your games) and retain those that are able to do so.
The Red Wave will return if that happens.
Don’t add additional sports until you have the cash flow to fund the sports. When the university killed the fund drive of 1,300 volunteers, that void in income dried up, as well as their attendance.
If you want to restart the fund drive, you will need another Lynn Eilefson and another Bob Duncan.