That tax bill is the consequence of failing to properly fund the school in the first place.
The larger problem is that these things happen when the State refuses to fund higher education. Yes, they shouldn't even be focusing on athletics much less be running $4 million in the red, but they also should be receiving funding that allows them to not vastly cut their teaching staff and a reasonable amount to fun things like athletics. But, they aren't receiving those things because the State of Louisiana, it's Governor and legislature in particular, are too busy fighting culture wars to fund higher education in this state.