The thing is, Title IX addressed this by requiring some level of equity in funding, at least in theory.
At most, Title IX addressed the "girl's can't make the team" issue here. Where's the equal funding for slow, out-of-shape klutzes?
(Actually, I don't know if Title IX addresses co-ed sports. And no matter how co-ed on paper, the rough nature nature of standard football will still result in anything-but-equal gender representation - both on the team, and in those scholarships.)
At that point we are close to Kurt Vonnegut's "Harrison Bergeron".
We need something a bit more equitable, which acknowledges the uniqueness of each student.