And yet, if we look at the CFP, you'd have to conclude it's bad. A handful of the same names out-recruit everyone else BY FAR, and have been returning to the play-off year after year.
I think the saving grace for college basketball is the fact that you don't need a team of 5 star players to have a shot on any given night, and the expanded tournament with a one and out format allows for some shocking upsets and excitement. Everyone who's remotely decent gets a shot. I think there's also more chance that a lower ranked player out-performs a higher one in bball, but with transfers becoming the norm, that plays into the hands of the powerhouse schools who can pick off players who committed to lower tier programs initially.
On the whole, I'm not sure it really changes much, since bidding for talent has been going on for several decades, just not in plain site.