Pretty sure they had to drop football, as Nebraska-Lincoln likely forced it, not wanting another D1 team in the state.
St. Cloud was talking about dropping football earlier this year, and decided not to, but it would have made sense to do so, and move to D1 in the other sports. This would be similar to UW-Milwaukee and UW-Green Bay, neither of which have football teams.
Problem is, with schools like St. Cloud, Duluth and Mankato, they don't have the alumni support to raise the money to go D1. It costs a lot of money to make the move, and as an alumnus of a MnSCU school myself, I can tell you that the interest in sports in terms of fundraising simply isn't there, even with those three schools having D1 hockey (which is an outlier anyway, since hockey is really not a national game).
St. Thomas actually makes a lot of sense in this regard. They're big enough (bigger than many D1 schools actually) and they have loads of cash and wealthy alumni to donate. I'm a bit surprised they didn't decide to make the move.