all this wrangling over whether contracts are good for players or not is fascinating. NCAA athletics has gone from one of the least free market sports leagues to the most in a span of what, 3 or 4 years? there's gonna be bumps along that way.
if you ask me (and nobody asked me), the only meaningful non-free market element left here is restrictions on when players can go pro (age, years out of high school, etc.). get rid of all those, let the players decide where the value is maximized, and then let the rest of the market play out as it will.
i think the deeper, underlying question being debated is where the true value lies in college sports. Do we watch college sports for the the teams? or the players? if you took the "Illinois" off of TSJ's jersey last year and called them the "Champaign Corkscrews" or something like that, would you still watch? I certainly wouldn't be. So meaningful value exists with the school (and, as an aside, let's not kid ourselves, when we talk about "school" in college athletics - it's really the DIA, not the school).
But, the school DIAs need athletes to be competitive. If you want to just be in the game and cut a check, then you won't pay your players much. If you want to win, then you're gonna have to pay something. What that amount is, and how it's structured (contracts, CBAs, etc.) will be decided with the free market. Will be interesting how it plays out.
Lastly, a quick comment on contracts being bad for players. In my 30 years of following sports and the associates lockouts, etc., I have never once heard a players union advocating for, or even off-hand mentioning, eliminating contracts as something they wanted (whether they got it or not). The notion that contracts are automatically bad for players seems ridiculous to me. If it was, why would Tom Brady, Michael Jordan, Lebron, Steph, etc. etc. ever sign a more than 1 year contract? or any contract at all?