Yea, not an easy topic. I don't know how to fix it, but it's broken.
I see @mayjay 's points, but i also think it's ridiculous to let students transfer to a different school every year like mercenaries to the highest bidder. It's college. I refuse to think it's a pro sport. It's not, and shouldn't be. There need to be rules. I'm not against players being paid, but i think insolvency is near when players are asking $4M+ a year. Again, it's college. That is not sustainable, or even possible for the majority of schools.
College sports could very well end up trying what the powerhouses of the soccer world tried, and failed to do: take the top 12 or so club teams and complete against each other only. Stupid. I guess they are already trying with conference realignment.
If we refuse to impose rules and regulations, just ditch the academic part and call it a day. There will be a salary cap, and players can use NIL as endorsement money. Some will get paid, some won't.
Next thing you're getting into forming unions, collective bargaining, and who knows what else. Nightmare. I repeat, it's college.
If you're fine with a player earning all he or she possibly can, i understand, but it could be the ruin of college sports.