Very surprisingly, there isn't a lot of wiggle room in the study's conclusions and recommendations - just drop to D-III. Usually, there are things to increase revenues (fundraising) and lower expenses (drop sports) to maintain the status quo.
At first I doubted this was anything more than a study or faculty-led push for more academic funding, but this seems to have some buy-in from leadership. Still, this would be a drastic measure and it will be up to the athletic department, students, and alumni to rally to the D-I cause. I'm not sure how big the support is, but if it is lacking, it would make it easer to make the move.