You can get administrative head count back to 1980s levels. You can also ban 7 figure salaries for University administrators. That would pretty much do it. It is a simple problem with a simple solution.

You can start by disbanding the football teams.

That's a great idea, but at many schools it wouldn't actually raise much money. It's not as though the idiot boosters will be just as happy to see their money going toward lab equipment as toward e.g. barbells.

While I'm not a huge fan of college football, at many schools the football teams are effectively profit centers due to media rights and merchandising.