IIRC, under Title IX, financial assistance has to be equal between the sexes, across all respective sports programs at the school. So, maybe if you use revenue sharing to get rid of scholarships for BB and FB (because those players are getting revenue checks larger than tuition anyway), you actually need to provide fewer women's sports scholarships. But you'll also have a lot less to spend on non-revenue sports. Either way, have to assume this ends up vastly reducing number of woman athletes on campus.

And of course someone will argue that the broader requirements of Title IX mean that women need an equal share of the revenue. I don't see that as a winning argument, but some people would be agitating for it, arguing that women's sports are less profitable because of discrimination, worse advertising, etc., as people have argued with the WNBA, or as the women's soccer team has argued they deserve equal pay as the men's.