Actually, I think this is a no-brainer.
As many here have already said, it all comes down to cost. I can watch games on tv, but I choose to go to the games because I know that the experience of being at a game is much, much different from watching a game on tv. The emotional impact is greater and it is, simply, more fun overall. Its an outing, like going to a concert.
But I'm retired and, between my wife and myself, season tickets to see Tech games are not a crippling expense. We saved a lot and now we are looking actively for ways to have fun blowing it. But this is definitely not the case for either students or working families. There the whole question of going out is fraught, even for a decent pizza. Given the alternatives, I can see why many people would stay at home rather then pay the price.
But what is driving the prices? Well, that's easy; it's the cost of coaches and the programs themselves. Until recently, that was a cost that could be absorbed by depending on people like me who were used to going to the games regardless and were willing to pay up. This is no longer the case. If programs want to get more people in the stands, they need to lower the cost of going to the games. And that means lower salaries for the coaches and other staff, lower prices (and better quality) for the concessions. and a willingness to change pricing to meet the expected performance of the teams involved (i.e. if the team performed poorly last season, lower the prices and vice versa). If this is done, I can almost guarantee that crowds will increase.
I'm 73. If there is one thing that comes through from a lifetime of experience with my fellow humans it is that they will respond to price incentives. Period.