Give them two options in a grid format:
(1) do nothing;
(2) redirect mobile to desktop
To the right of that, use two columns to convey pros and cons.
I guess you could do nothing and measure the impact for a few months, comparing this year to last. If things don't look good, then execute option 2. Might be hard to isolate the impact of the mobile index versus anything else though, but it's probably the best you can do.
And then there's the 3rd option... go responsive, but as you've said, you don't have time or budget for that unfortunately.