A lot, I wouldn't even want to guess. But I assume shutting down the football program would be more the result of the school itself shutting down than a funding issue - if a student is not enrolled at the school he/she cannot very well participate in athletics, right?
As Gene pointed out, the football program is self-sustaining - actually the entire athletic dept. is, mostly because of the football program making enough money to subsidize everything else. That's not the issue.
This is the new governor wanting to raise taxes and explaining why it's necessary. I get why people are upset - a big part of his campaign platform was "I will not raise taxes" but at the same time, when you're faced with a collapsing public education program you have to do something. For years, Jindal sold out the state to D.C. by not accepting funds for rebuilding after the Deepwater Horizon disaster, or even trying to collect on the state's rightful claims to offshore drilling profits because he thought he was going to be president someday. What a joke that guy turned out to be.