I think you may well see colleges completely separate their football teams from their academic institutions - like other investments and properties they own, they will own football teams (and probably men's basketball teams.) And they will sign employment contracts with players to play for those teams, and maybe include discounted tuition for the players that want to attend classes. At that point you will have created a professional minor league in football and it will not be long before you end up with a team being owned by something other than a school. Any profits within the team will be just like profits on their investments with GM or in real estate. And some of those teams will lose money and fold. And life for those playing for the teams will slowly start to resemble minor league baseball - when the bottom line is pure profit, players will get cut, expenses for many teams will be put under pressure, bus rides instead of flights, etc. Rules will be put in place for 'minor league drafts' for HS students, etc.
And then the cycle may begin again with schools starting up intramural football teams of actual students. These teams will start playing against other local schools and unofficial leagues will begin to form. And with fewer alumni who actually played for 'The Ohio State' semi-pro team, the attendance will start to dwindle, and family and friends and students will start attending the actual student team games, and giving them donations to buy equipment, and rent real stadiums and weight facilities. And local PBS stations or local network stations may start carrying a few of these games.
Going to be an interesting time. I do think there is real concern for all other sports. It could be great for something like women's basketball that already has a national footprint and following as they become the best face of Universities actual student athletes, but rowing, or lacrosse, or ...