It's not a perfect model, but the OHL, QMJHL, and WHL are all viable, and football in the USA is potentially a much bigger market than hockey is anywhere. The template is there for someone to build a league (like the CHL) for the best 16-20 year olds and get higher education out of the big money sports business, which they're probably going to have to do eventually anyway. Once players start getting paid in the open, the floodgates are going to open, and we're going to be left with an even larger gap between the haves and the have nots. Eventually, the have nots are going to give up trying to compete with the massive programs. One thing I especially like about the CHL model is that players who aren't cutting it are still able to go back and play at the amateur/university level. If the top 10% or so of football players are out of the equation by playing at a semi-pro level (like the CHL), then the playing field levels for the have nots and potentially brings back actual competition to the sport.
Anyway, I'm not naive enough to think that this happens anytime soon, but i do think that the economics of paying players and competition from the haves will eventually lead to huge changes in 'college football' as we know it. It'll be interesting to see how it all shakes out.