I think this is why we will have a football season. Iowa State will not be the only university hurting badly if there is no football season; the majority of P5 schools will be in the same position.
I think there are ways to do this to make this work. First, I know this won't be popular, but greatly reduce the amount of fans in the stands. I think the 50% capacity figure Pollard threw out earlier is still too much. Limiting the number of fans in the stand will hurt the bottom line, but this is a small piece of the pie when comparing to television contract revene.
Second, I think athletes should have the option whether to play or sit out the season without losing their scholarship. If you're going to rely on these guys to put a product out there, they should have the option to sit out without fear of losing their scholarship.
Third, pay the players that don't sit out. Again, if you're asking for them to play and put themselves at higher risk of catching the virus, I think its only fair to pay them.
This all assumes that daily testing is also performed on every player.