Geek of Ages is correct.
According to Wikipedia, they are still around. They've changed their name, although retaining the old initials, and have somewhat more sensible uniforms. And they aren't a Super Bowl half-time activity anymore, they have real league play. Which could be why you though they went belly up, not seeing them at the Super Bowl any longer.
They now have member leagues in the US, Canada and Australia, with plans for Europe.
The players have mixed feelings about the uniforms. Some point out that they really aren't any more revealing than those used in track and field, vollyball, etc., while others would really rather have better coverage to prevent abrasions when getting tackled, which isn't something that happens in the other sports mentioned. They have shifted from being so blatantly lingerie.