I too have been offered a 5 year guaranteed financial support (TA/RA, tuition remission and insurance). I've read elsewhere that there might be cuts in the stipends of graduate assistants to circumvent the deficits. Also, there is a possibility of younger faculty resigning from UW-system which really worries me as my prospective guide is pretty young.
I am considering to attend another school (UCSB) and strike off UW-Madison from my list. Any suggestions please ?