What might happen is conferences have the option to pay players. The B1G and SEC will have the money to do this. All the top recruits will flock to these conferences if it happens.
B1G will split its revenue into 17 shares - the 16 members and the conference itself get equal shares. Imagine if they make it split into 18 shares, with the additional share of revenue divided among the players as a salary. This would be on top of any NIL deals players might receive.
Also, imagine a scenario where conferences form exclusive partnerships for NIL deals. Major companies will want to associate with either the B1G or SEC teams in this type of arrangement.
In these examples the P2 will be able to offer a higher base salary and better NIL deals to its membership, thus ensuring all top recruits end up on a team in one conference or the other. Imagine Clemson or Florida State missing out on a 5 star recruit because Indiana, Purdue, Rutgers, Vanderbilt, Missouri or Ole Miss could offer them more money. Same story with basketball and the Olympic sports.