I have an oddball thought now because of this circumstance as the line -technically- abandoned, the right of way still exists, if some entrenepeur comes along and have an interest it might be bought at a really cheap price.
The issue with the line is Notre Dame is essentially the only potential industry, the other surroundings are more rural non-industrial. 30-40 etc years ago the rail line is a non issue because you had streetcars etc in your culture, today's auto culture the image is all different, people just don't see railroads in a positive manner except as something that blocks their way when a train goes by (and run around gates etc). Notre Dame lost an opportunity, because this rail line gets abandoned I can only think of some domino effect in some nearby areas.
I only hope the trend of some new Light Rail/Street cars returning that maybe South Bend wakes up to it as well and see what they lost.