I'd guess travel costs were a big reason. There is only 1, maybe 2, other Ohio program on their schedule, otherwise multiple trips to Chicago, Detroit, Buffalo, Pittsburgh, and more. Even if they are a winning team (losing record last couple years), they dont generate much buzz or cash, so I do not blame the school for at least considering the option.
It's a shame they have lost what prestige they had. Our team tied them my junior year and it was a big deal to the school. I don't blame the school for exploring the idea, either, but I'm glad they received the support and aren't going anywhere.