The U of A is a Division I school, but says that it does not have the student body or the athletes to support such a program in football. As pointed out by Daniel Amen he South is known for it’s love and support of college football, which means that students may end up leaving the school for other similar sized schools in the region with a football program. It is not unprecedented for a Devision I school to disband its football program, as the University of the Pacific did it in 1995 to great success, but they did not have as large or dedicated a fan base.
The player face uncertainty as well. Many of them came thousand of miles to take advantage of the scholarships and shot at the professional leagues that attending a Division I school offers them. According to NCAA rules the school has to offer the students the option of keeping their scholarships or attending another school under a similar program and scholarship, but if they can only attend another school if that school accepts them into the program. For many players, particularly upperclassmen it may simple be to late in the game for this to be a realistic possibility.