Don't have time to look up the number but...
The article says Hawaii only has a 2.2 mil deficit.
IIRC they are paying the MWC 800k/yr in travel subsidies (and the Big West 1mil/yr too).
That means w/o the MWC travel subsidies Hawaii should only be running a 400k deficit (the Big West one will be covered by the extra million a year they are getting thanks to the playoff). In addition, the MWC's TV deal will be valueable when it comes due in a few years and I expect all the schools to receive a moderate bump over their current crappy CBS deal.
I think this is more of an attempt on Hawaii's part just to get the MWC to drop their travel subsidies. They realized that they can threaten to drop fb and the MWC would have to replace them with an inferior conference member in all sports in order to keep their CCG.
I don't know...$2.2 million in the red for a non-major that already doesn't field a number of programs (and has programs in places that aren't the best for other revenues, like Big West basketball), it's legit. Not that they could be trying to get out of the subsidies, but it wasn't like Hawaii was the first replacement school for the MWC. I think they'd have more leverage if they were, but even then, it wouldn't be much or likely.
Temple cut programs to save a "paltry" $3m. $2.2 isn't something to sneeze at.