Glad to see someone is thinking - those who posted below about "Sucking $$$" are not looking at this in the proper perspective.
This is a way of circumventing Title IX. This could actually be a low cost sport - and the girls that are likely to get any kind of scholarship in this sport would have likely received some sort of academic sholarship anyway - not trying to be "elitest" but those who go to Hockaday and have horses, access to stables etc. usually do fit the profile of a strong applicant to smu and would likely already be receiving $$$. Why not give them the University Scholarship - call it an equestrian Scholarship and then have it offset a men's scholarship?
If only there were some NCAA sport that revolved around sorority rush. We would be title IX compliant in minutes.