These are all very good questions. As someone who works (and has worked for a couple) major institutions and has been involved with student-athletes (male and female) in revenue generating (which is deceptive- since the NCAA not the institutions generate most of the revenue) and "non-revenue generating sports" it would be extremely unlikely, unless the NCAA eats the cost - which they won't - that they would grant another year of eligibility.
I can tell you based on the conversations I have had with some people here at ASU that you are on the money in suggesting that it is more likely to hold the NCAA's in May and that is going to be suggested. Also, as far as scholarships are concerned universities package them uniquely due to the fact student-athletes do not have to meet the same standards of non-student athletes for academic merit based scholarships (or admission to the university). Therefore, an above average academic student athlete can get an academic scholarship that has more dollars than a non-student athlete. Additionally, grants can be packaged for any student, athlete and non-athlete, in unique ways.
Also, (I realize Y2 did not bring this up but someone else did) scholarship allotments are seemingly arbitrary but that is far from reality. Title IX has huge implications on scholarship allotments. There must be an equal number of male and female athletes on campus. Additionally, at a micro-level if you breakdown what goes into a scholarship (housing, food, special tutoring services, athletic academic advisers, travel, dietitians, trainers, stipend, and so on) each scholarship granted in the PAC 12 equates to roughly $130,000 per student - I know the SEC equates to roughly $145,000 per scholarship. Therefore, by adding 5 wrestling scholarships to cover the additional year in just wrestling it is over a million dollars of cost incurred by the school and not the NCAA and I can promise you MOST universities cannot afford that additional cost. And per federal regulations you cannot simply borrow from the endowment since athletics is required by law to function as an auxiliary service - meaning they should run off of profit earned - since it is not accessible to all students and does not benefit all students. Sadly, most athletic programs in the USA do not operate in the black at a macro-level it may seem to be true but on a micro-level that is not a reality. For all of these reasons (and more) I would be glad to answer questions from an administrative level, if possible, it is extremely unlikely they grant a 5th year but universities will propose a later tournament date once the hysteria settles.