I think college sports has maybe 10 years left as a major entertainment revenue producer. there are 6 risks that I come up with off the top of my head:
1) There is no way the NBA and NFL will allow it to compete directly with them. They will crush college sports. This is the big one.
2) NIL and the Transfer Portal are getting really unstable and there is no path to regulate either.
3) Legalized gambling and college sports are a very bad combination. There is going to be a major game fixing incident in the next few years.
4) Fewer kids are going to college. This is a big development and will impact people's interest in intercollegiate athletics.
5) The cable bundle could fail very soon, and when it does, the major revenue source for college sports will evaporate. None of these leagues have laid the groundwork for a subscription service.
6) If the SEC and Big 10 really become a P2, fan interest in college sports will evaporate. There is a tipping point of declining fan interest in a situation like this that would feed on itself.
If two of those things develop into problems for college sports, it is in big trouble. If four or more develop, the sport has no chance of survival.