they go back to being real amateurs. no scholarship to play. no school paid coach, equipment, or anything else.
if they are interested they can form a club team, like rugby, men's soccer, and probably a host of other sports I am not aware of.
the players who are good enough will likely go from HS to whatever semi-pro level exists, skipping the whole charade of going to college for three years.
the players that actually love the sport, and their college, will take part in a club. they will still be there for the fans who allegedly love the various sports that are no longer supported.
sports existed at large universities long before the scholarship model, we will just return to that.