What's basically happening now is our educational institutions are licensing their brands to professional sports subsidiaries. While arguing that doing so only elevates their educational mission (and financial health) which is debatable, but not entirely untrue. And meanwhile, governments no longer believe in public education, though the legislators usually still love the football team. A lot of black coaches and educators especially still see athletics as a net positive, even when a kid doesn't get his degree. Some education is still better than none. And the platonic ideal of having athletics as part of a whole education is still valid, if hard to see clearly in between the Dr Pepper commercials.
This era is at least doing away with some of the hypocrisy. Collective bargaining is likely coming next. What's interesting is it doesn't seem to be putting off fans even a little bit (in terms of audience size), despite what you and BK are saying, and despite a big group of fans still thinking players shouldn't be paid. And nobody who is actually college age (or even under 30) really minds the changes.
I don't know how you solve the transfer portal and NIL stuff perfectly, in that, players should be as free to move as their coaches have always been and they they should also share in the spoils of this massive industry. But changing schools 2-3 times and shopping around can get out of hand. Then again, would we say that if MLB lost its anti-trust exemption (I mean, we would, just like people did when free agency first happenes, but that doesn't mean it would be bad).