I watched part of an ND vs. Michigan game from the 80's on TV a while back, and the graphics...well, let's just say that going to the game that year was a better experience than watching on TV. Now, the situation is reversed. The TV product has come a long way.
Cost to attend is just too high now. I'd rather sit in a bar and watch. The only reason I buy a ticket now is if a group of friends is going. I went to a game last year without a ticket, and I had no intention of buying one. Someone who was going to eat a ticket shoved one in my hand right before the game, knowing I had no intention of paying them $130.
Last fall, I was in the student section for half a game, and that was much more fun than sitting elsewhere because the students make it a party. But, I was surprised at how many empty "seats" there where...lots of room. Not the student section I remember, when everyone had to stand chest-to-back, because there wasn't enough room for shoulder-to-shoulder. So, definitely the students are not showing up as much, and maybe not bringing as many friends in.