My understanding of the economics of D1 sports is that the university itself does not directly financially benefit from sports programs. It's the athletic depts that have self-funding cross-subsidization structures (though the schools may indirectly benefit through increased alumni engagement, donations, etc.). In fact, in most schools, the schools actually sending funding to the athletic programs (with some major programs like Michigan being exceptions). With that model, if I'm the president of the university, what real motivation do I have to force a season to occur? The risk/reward is asymmetric. I don't lose much if the season doesn't happen (esp. if it's only one season and it's for obvious and ostensibly safety-related reasons), but if a player/staff members gets seriously ill, then the liability could potentially be massive (not to mention the impact on health systems, etc.).
If I'm an AD, head coach, etc., obviously the calculus is very different. But sounds like the presidents are the ones making the final call. If the B1G commissioner is leaning towards their side, I find it unlikely that a season is going to happen.