Yes, this is simply acknowledging and adapting to changes that occurred over a period of many years. In a way it's similar to how the Olympic Games was purely amateur in the 1950s and then by the 1990s it was fully professional. (Remember the "Dream Team"!) Except that the Olympics isn't the one that pays the athletes, while the new collegiate model will involve the athletes being paid by the schools.
But it's maybe not great news for KSU athletics. We already offer the least sports of any school in the Big 12, and so operate a leaner business than most others. Like, we can't eliminate men's tennis as a budget item in order to pay our offensive linemen, since we already cut men's tennis in the 1970s.
I know I'm painfully old-fashioned, but I don't like it.