Catlin Gabel in Portland, OR, where I am the admissions director abandoned football in the early-60's. They were weary from having 18 or so guys play both sides of the line and interest was definitely lacking. We hired European coaches and began playing soccer instead of football as our major fall sport. We were among the first in the state to play soccer, and have produced many fine teams, both boy's and girl's over the years. I for one do not miss having a football team, nor having the pressure as an admissions officer to find kids who want to play.
Football is a great sport which can teach some good life lessons.
I do question the amount of money and energy involved in keeping it alive.