Numbers I'd raise issue with include football ticket sales (50% drop seems ridiculous), non-scholarship athlete tuition (shouldn't really be part of the equation, but you're likely going to have more non-scholarship athletes paying tuition in FCS), sports administration, travel, scholarship (don't forget to make the matching reduction in ladies' scholarships when you drop to FCS), and the debt repayment amount. NMSU had a desire to tell a story a certain way, and they appear to have fudged the numbers to make sure it worked. Seems to me they may be underestimating how difficult FBS Indy could be. Ticket sales and donations may take a large hit due to a lack of home games. Guarantees (per game) may decrease because the other school knows you need to fill your schedule and don't have a lot of options (and you won't be providing them with a 1-0 record against X conference).