I’d like to see the university presidents step in and say “Football and basketball are no longer sanctioned sports. We will cede these two activities to the NFL and the NBA as the athletes are now being paid, and are therefore professionals.”
THAT would be (quite formally, as you describe it) the death of college football and basketball.
Big time college sports finally having gotten too absurdly commercialized this time to possibly continue is an evergreen complaint all the way back to the 19th century.
So long as a Saturday in the fall can still rouse the passions of a college campus, college football will be fine. Sucking all of that passion into a series of dull blowouts played in distant urban NFL palaces as an antiseptic brandless tournament in January is an existential threat to that. Paying the players over the table rather than under it will rankle some, but so long as it doesn't induce even further surges in transfers (another fairly grave threat, and it might), it will be business as usual.