This is a bigger impact to the sports landscape then if ND were to drop FB.
Dropping tennis doesn't have much impact on the collegiate sports world. What does, or will, is what is driving EKU to do it. They aren't alone by any means in facing a potentially fatal financial crisis. Universities all over the country are facing the specter of failure. Enrollments are dropping, states are slashing their financial support for public universities, and pressure on tuition rates is relentless.
While message boards like this one keep talking up the prospect of schools moving up in class, athletically, the reality is that we may see more universities close altogether in the next ten years than schools moving up. At some point, boards of trustees are going to look at athletics as only incidental to their educational purpose. It's getting harder and harder to make the case that athletic programs are attracting more and/or better students when enrollments are plummeting and acceptance rates are increasing all over the country.
EKU is just the tip of the iceberg.
It does seem that way that D1 is past its peak.
We may see some of the weaker players get out of the D1 game entirely.
Serving once on an external review team that examined the finances of a mid-major University that often struggled in football and some other sports; the AD was asked why football costs are extensively more than other offered sports. His response was that football involved a lot more students than any of the other sports. While the reply was true, it was incomplete without factoring-in auxiliary expenses and priorities in generosity, plus demand, as to operational overhead inclusive of involved salaries.