YES! It's really that simple. Cut 1 sport, save the other 7. I attended Temple for a year as a freshman and the football team was not even good. I don't follow football, so I don't know if they've made a turn around in the years since (this was 07ish), but their money could be better spent. Put it towards scholarships for the other sports, put it towards academic scholarships, put it towards any number of other things. Because we all know the amount they spend on football could be divided multiple ways and still make a huge impact.
A previous poster mention the academic success of the Temple men and that's nothing to sneeze at at a school like Temple. It is a pretty academically demanding school (as opposed to a more stereotypical "jock" school where athletes can skip every class and still slide by), and I believe many of the gymnasts are enrolled in pretty demanding academic programs.
I also attended the same club gym as their assistant coach for a small period of time, and while I did not know him personally, I do know from all accounts that he is an all-around spectacular guy. And I am absolutely certain he is making an exceptional impact on the young men he is helping to coach on this team.