Well sure it would take work, and would cost money too, but it could be accomplished with a very small team and thus minimal cost. With no college football on next-gen and moreover no college football game at all, there's gotta be plenty of room to turn a profit there.
And anyway, I was more saying it's a way to sideskirt the legal stuff if you're technically not releasing a "new" game but instead rolling out a "classic" title. But maybe I'm wrong about that, too.