That is an interesting question and is very difficult to answer because it would depend on how they assign costs. If you look at just the coaching salaries, player equipment, and game associated fees (ie officials, security), I would assume most schools are making money. Five home games with 1000 fans at $7 per person is $35,000. That should be enough to cover everything.
The other costs and revenues muddy the water. The stadium might be a huge outlay of money or might be decades old and little maintenance costs. There are other people and sports that would have to take on many of those costs because they use the stadium too. Many schools have pay-to-play fees that more than cover their actual costs. Fundraisers, concessions, and advertisers can be a big source of revenue but might not be directly attributed to the football team.
Overall, I think football generates a positive cash flow for most schools in Ohio. Not having football will hurt those schools.