Not surprised. I saw a billboard advertising them “as low as $15”. When you have to sell the deal, rather than the product, it’s a bad sign.
Combination of change in student culture, a decade of disaster, and an aging population that can no longer attend and isn’t being replaced. Not really putting this on Mullen, though he was never going to be that “spark” guy that changed things immediately. It will take considerable improvement on the field to stop the bleeding.