If college athletes unionize and participate in collective bargaining, it only solidifies the fact that they are to be considered employees. With revenue sharing on the horizon, that may be the inevitable result. So would they then become eligible for workers comp (NFL players can be eligible) and unemployment benefits?
About a third of P4 teams (and ND) will be remain head and shoulders above everyone else, whether Congress gets involved or not. That will also kill whatever competitive balance is left in the revenue sports. Pro sports maintain a sort of competitive balance by agreement and have remained exempt from anti-trust laws. The problem the NCAA has is that it regulates everyone, and the "haves" will only seek to keep their advantage. With NIL the schism between the P4's and the P5's will only get wider. You won't be able to kill NIL or the portal, but hopefully their are some college AD's and Presidents who realize that that will eventually hurt competition and college athletics are we know it.
We'll see.