I have 2 brothers and 2 sisters, and work with 11people in a small business. I am the only one who even watches college football. None of my nephews or nieces do, none of the people I work with do, and neither of my 2 grown sons watch football (but they know everything there is to know about skateboarding and surfing).
Of all the people I regularly come in contact with, only myself, my sister's finace, who is a huge Notre Dame fan (it was great sitting next to him when we handed them a loss in South Bend), and an old friend who is a rabid Penn State fan actually follow college football. I have to retreat a bit: my sister does watch games with her fiance, but probably would not if he didn't. I don't know if that is the norm, but I suspect it isn't far removed.
If cord cutting becomes the norm and ESPN is not included as part of some standard basic channel package, their revenue will plummet.
Go Bulls!