The bottom line is that the current world of college football is incompatible with the mission of a good university. There is a direct relationship between lowering the academic quality of your school and doing better in football. It will never be a level playing field for us unless there is a major change in the billion+ dollar business of "amateur" athletics.
We could move down to D3 (quit), which is much more in line with what college athletics should be. That would kind of suck though. I can't say the program's at the point where I'd rather play D3 than D1.
Our best hope is that the charade of "student athletes" is abolished and football players don't have to go to class anymore. Then we won't have this problem.
That didn't cheapen your degree. They did it to increase its value, which as cypto says (and I said earlier) is as high as it's ever been. You can agree or disagree with doing it, but it was done to increase the value of the degree, which is one of the two primary reasons to go to college (the other being to learn.)
Dumbing down with the main motivation of improving the football program is extremely unlikely to do that.