As a graduating senior majoring in computer science, I find this almost too absurd to believe. I don't care to look into the specifics of Florida's numbers to know whether they turn a profit like we do and that the increased athletic budget would fall under it.
Either way though, how do you cut computer science? Computers aren't going away, and $1.7 million is a drop in the bucket no matter how tight your budget at a large public university, especially with an area as important as that. All you need is some computers and the faculty to run the program. Heck, most of my professors even openly admit you can get the text material you need on Wikipedia and have even considered dropping the text books in favor of it (not that the cost of the books is part of the department costs anyway).
I never had a high opinion of Florida's academics anyway, but this knocks them down a few more notches. It makes me feel good that we would never compromise our academics for athletics here at Michigan, and especially not a major as popular and important as CS.
In light of this, I feel adding this video is appropriate: