Option 4: ban college sports. School should be about education, not sports.
A game called football was invented about 1870 to provide healthful physical exercise for the undergraduates on bright autumn afternoons. Seventy years later the undergraduates who needed exercise most were seated in the stands of a city baseball park on Friday night, with their flasks and their coeds, while on the grass (or mud) below, the undergraduates who needed exercise least pushed each other about under the floodlights.
Are you okay with paying higher tuition that would have otherwise been offset with TV, merchandising, ticket revenue and alumni donations?
About half of D1 football and men's basketball programs do make money, but even at those schools, the athletics program as a whole is still a money loser.