College athletics now is truly like how pro sports would be/were with no salary cap/luxury tax.
It's not so much the money. While MLB has a luxury tax you still have huge payroll disparities and the best players ending up on a small handful of the wealthiest teams once they are no longer under club control. What separates pro sports from what we are seeing in college now is the "club control" part, a lack of binding commitment college athletes have to the school they chose....which, when you account for the NCAA's stance that these are unpaid students, you cannot legally restrict their ability to change schools (the NCAA did it for the longest time, but the courts have been indicating to them its illegal, hence the portal).
A pro sports model is where this is likely headed someday. And really, I think it will help solve the one thing everyone seems to hate about college sports right now, and that is the transfers and the lack of any certainty that a player your school recruited will be there more than a year. Collectively bargain with them. Pay the players an agreed to percentage of revenues. In exchange, they are contractually bound to their employer (the school) for X years.
Screw the eligibility nonsense. If a 27 y/o guy isn't good enough to play in the NBA, NFL, whatever, how is it the end of the world if he keeps working for his college of choice? For those who still think college sports is strictly about education and they are removing that by making players employees....I worked at JHU for 9 years, during which I was eligible as an employee to take classes and enroll in a degree program free of charge. I've known people who work at other universities who say they have the same perk. If athletes want the education, it's right there for them to take advantage of. If they don't, their choice.