From this discussion it appears to just be a money issue:
http://www.spartantailgate.com/forums/msu-red-cedar-message-board/269161-wayne-state-dropping-hockey.html
IIRC Wayne State dropped out of Division I football 30 or 40 years ago.  
I'm not sure that they offer any football scholarships now.
Mike

Joe Makowiec wrote:
> It probably has to do with Title 9.  Hockey being an expensive sport, 
> the AD can say, 'look at all the resources we devote to women's 
> hockey.'  I checked their website (http://wsuathletics.cstv.com/).  
> Dropping men's hockey evens out the number of sports (which, AIUI, is 
> not necessarily a Title 9 criterion).  It could be part of the dance 
> to justify the expense of a football program.  As it stands (men/women):
>
> (Baseball/Softball) comparable
> (Basketball/Basketball) comparable
> (Cross Country/Cross Country) comparable
> (Fencing/Fencing) comparable
> (Football/     ) $$$$$
> (Golf/Volleyball) comparable? probably
> (Ice Hockey/Ice Hockey) comparable
> (Swimming/Swimming) comparable
> (Tennis/Tennis) comparable
>
> Remove men's hockey, compare women's ice hockey against football, and 
> you're closer  to even.
>
> Note: I have no access to WSU's budget docs, so I have no idea whether 
> the amounts that they spend are comparable; I just observe that they 
> could/should be.
>
> Joe