Go__Tech is correct. In the case of the WCHA it really is nothing more than an agreement to play each other for the sake of getting a bid to the NCAA tourney. The NCAA says you need six teams to get a bid, the WCHA satisfies this need and little else.
1) There is no TV deal, so members gain no benefits for being in the conference from that. In most collegiate conferences this is basically THE MAIN reason for wanting in or joining, the lucrative TV $$$ the conference has negotiated. As Go__Tech said, I would bet the WCHA.tv internet proceeds, if they even make money, barely are enough to support league offices and officials.
2) The Conference Tourney is a bust and money loser. In the old WCHA it was a money maker and another reason you would have wanted to be in the league. The new on campus playoffs, while most likely will be better attended, will probably be lucky to break even when all is said and done. However, that is better than a big loss like the first few have been.
3)The travel is a huge burden to most schools. Especially the ones on the conferences' edges. If the Alaska schools didn't help defer costs, nobody would have agreed to have them in the league. UAH is an outlier also. It will be a shame for college hockey if one or both Alaska programs are shut down, nobody who loves the sport wants to see programs shuttered, including myself.........however, do you think the BG and UAH AD's are really going to be all that broken up to no longer have that Alaska trip cost, pretty sure they'll feel bad for about 5 minutes.
So in essence the WCHA is still in existence only because it provides a means for 10 schools to have an auto bid shot into the National Tourney, no other reason. It provides nothing else to some of these member institutions that could not be gained by being associated with 5 other hockey schools in another league.....one that might be geographically closer and way less expensive travel wise to be involved in.
So GO__Tech is correct. The dwindling money really is not what could be a death knell for the nWCHA. The dwindling money is really just a symptom of the nWCHA, the real Achilles heal of the league is that it offers no compelling reason for the member schools to want to stay in it. Thus you have MSU-Mankato trying to get out and BGSU still trying to find a way to reboot a Central league.