Basically, it is shutting down the program the way it is currently set up. How many profs will stay?
The real question is why? I think that you will see more and more science and engineering cut to keep costs low and the football program funded.
I don't follow Florida football but I do know that most big time football programs are both self funding and also supply additional funds to the university for Title IX programs.
I don't think that changing a Computer course that saves less than $2 M a year will have any effect on the football program.