I don't think I'd start with scholarship reductions.
How about some random ideas like this off the top of my head:
- A salary cap for coaching staffs.
- A restriction on the number of total paid positions you can have in a program.
- Reduced travel costs by allowing just 1 non-conference game per 3 years of X miles or more. (Similar to the every 4-year preseason trips for basketball teams.)
- Limit recruiting mailings by 25% or more except for the senior year of recruits.
- Eliminate home game hotel rentals by rule.
If you want to pull in college athletic costs, you've got to stop the arm's race and scholarship reductions don't do that. They'll just spend that money elsewhere.