Trying hard to stick to football and not politics (Moderators, I'm trying to be careful!).
What the Governor said was that without revenue, the school closes in April. (You can believe him or not, but assume it to be correct for discussion purposes.) Since the semester is incomplete, no one gets grades or credit for spring classes. (Again, assume that to be a correct statement of grading policy.) Student-athletes in all sports who need those grades to be eligible aren't. When fall rolls around, yes the football program has money, but do you have eligible student athletes to actually play the games? And the Governor is not going to highlight ULL or ULM because fewer people care. (In the Federal Government, they call it closing Yellowstone or the Washington Monument; people care.)
State universities, including our own UA, receive almost all of their revenue from tuition, state appropriations, and endowments. If you have a significant shortfall in state appropriations, you can't stay open because you can't pay your bills. Again, this isn't saying the athletic department lacks money.
How you close those gaps is definitely a candidate for the NS board and I won't go there at all.