In retrospect, the cutting of women's swimming was surprising if FBS is in the plans. But there are actually other women's sports that can be cheaper and don't require expensive facility upgrades. Idaho cut back to FCS and is now losing more money and had to ask the state for more. But women's swimming has stayed intact when it could have been cut now.
If an FBS upgrade is announced, a school just has to have a plan for adding women's schollies. It doesn't have to be immediate. Getting to 16 sports is the immediate part.