Know how leverage works in life. This was a staring contest the players were never going to win, and they blinked first.

Understand the leverage: these football players were never going to go through with the boycott. Why? The entire NCAA football structure is designed to give the University total control and leave nothing for the players. This University system is run by the ultra-liberal, they're okay with a boycott when its for something they like (University of Missouri) but very much against when its for something they don't like. Missouri could have used the same tactics Minnesota did, but the player's boycott was sympathetic to the liberal community, in that case.

The players have revoked their boycott in exchange for hearings a month from now. Those hearings won't happen, or, if they do, they'll be behind closed doors and resolve nothing. This was mutually assured destruction at its finest: yes, the players could destroy the University and everything associated with it. Football is a big money maker, and a source of prestige, they could have decimated the program for an entire generation by walking out. They were never going to do that, because if they did, the University would destroy all of their lives. They'd lose their scholarship, they wouldn't be able to easily find another, and they'd be outcasts from the state of Minnesota, the University and that community for the rest of their lives. The players had more to lose than the system did, so they blinked, as the system was designed to ensure.

Here's the best that can be hoped for: by even publicly announcing the boycott, they have done a great deal of damage to the gopher's football program. Schools like Minnesota recruit against every other top school in the Big 10 conference for top high school talents. Every single opposing coach who walks into a recruit's home will be sure to bring this up, and to mention this injustice, as a tool to recruit against Minnesota. Every other coach will lead his pitch with some form of "if you come to my University, I can and will protect you and stand up for you", even though its a lie (where was the gopher's head coach in all of this?) Whenever a school suffers a PR blow like this, every coach who recruits against that school makes sure that all the recruits know about it.

Tl;DR - Minnesota Football team revokes boycott, they tried to force the Universities' hand without the leverage to do so.