My guess on this issue:
1) they are "opting in" which means roster has to get down to 30 next year. And Football scholarships go up from 85 to 105 (+20). Nothing in another Intermat article that they also took scholarships from mens & womans golf, tennis and another sport. I think what they must be doing is taking scholarships from those 6 teams pus the wrestling team to come up the the 20 more scholarships that they will give to football.
2) saying current scholarship folks can't compete helps them quit and therfore helps get the roster down to 30.
3) In my experience when the wrestler signs the nationial letter of intent and then the scholarship Grant In Aid with financial aid office it is for the full 4 years (at least in the case of one of my family members). The document basically says if you are off the team (because of reasons like cut because not good wrestler anymore, hurt, etc) you still keep your scholarship. So I would presume if these scholarship kids are cut and just students, then they can still walk around as a student at Campbell without wrestling and STILL be getting their athletic contracted scholarship. In this case you have taken scholarships from wrestling in theory, but if those kids are still students getting paid, you have not eliminated thosed scholarships to give to the football team. BUT if you kinda force the kid to quit Campbell university by not letting him compete, then when he leaves the actual scholarship money becomes available to give to football.
Just my reasoned guess.