One down, 44 to go for college football's power conferences?

CBSSports.com is one of several media outlets reporting that University of Hawaii athletic director Ben Jay saying the football program could shut down in the face of rising debt.

While CBSSports.com reported that the program faces a $2.1 million budget deficit, KITV.com, a television station in Honolulu, reported that the deficit could range anywhere from $1.5 million to $3 million. The team has operated under a budget deficit during 11 of the past 13 years.

"There's a very real possibility of football going away," Jay said during a Board of Regents meeting.

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"We're going to have to generate more revenue," Jay later told a reporter, CBS Sports reported. "There's no doubt about that."

The Warriors qualified for a BCS postseason game in 2008, losing to Georgia 41-14 in the Sugar Bowl in 2008. According to CBSSports.com, that was a year after quarterback Colt Brennan, a transfer from Colorado, said that Hawaii's facilities were "galaxies away" from those of the Buffaloes.

But the Warriors are 33-45 in the five years combined after their Sugar Bowl run. Then-coach June Jones left for SMU in 2009.

Under current head coach Norm Chow, Hawaii is just 4-20 in its two seasons in the Mountain West. Hawaii is affiliated with the Big West in all other sports.

Both Jay and Hawaii president David Lassner are meeting with the school's Board of Regents to discuss the athletic department's financial conditions.

The NCAA recently voted to allow the five power conferences - the ACC, Big Ten, Big 12, Pac-12 and SEC - autonomy to make decisions about football-related issues affecting them. Schools now are allowed to offer student-athlete a total cost-of-attendance stipend as well as unlimited meals. The non-BCS schools now have to decide whether they want to engage in the arms race with the power-conference schools.

The prevailing thought is that the power conferences will expand to include 80 schools and leave the rest of the former FBS to fend for themselves.

Hawaii was struggling even before these potential budgetary increases. The issue could arise for the other schools not currently in the power conferences.

Do you think college football is better off if schools such as Hawaii shut down their football programs? Comment below or tell us @SportsWN.