The SEC Old Guard for several decades dropped bags. The size of the bags didn't have to be very large - but only a few select teams boosters could cobble up enough to swipe some good talent - as they preyed on kids as all other universities weren't IN the bag game.
Bag competition among half a dozen bag teams was acceptable and you'd win some, lose some, but the field of players was larger than these few teams could absorb/pay - so they excelled in recruiting.
Now, the cost has gone up - paying players is legal - and more competitors that can come up with some cash means the small bags of the past are no longer that attractive.
Everyone got excited, started throwing outrageous amounts for this player, or that player - and it's unsustainable, as no one can pay every player outrageous NIL deals. Some oil man one year wants to show off among boosters - he can impress everyone - once. Maybe twice - but that's also unsustainable.
Starting these collectives to pool money - that has many flaws. It's like paying taxes - you send the money, but you don't necessarily get the guy you wanted to come to your university - as you're not in charge of where and on whom your money is spent.
Once a good program or a few breakout - UM, USC, etc., the club gets larger, but will eventually settle down to an annual top ten teams that players will prefer to go to - and not just the top 5.
And the dollars will be more equal among the elite.