I think there is a solution that actually fixes a lot of the problems with college football. The California law says that the NCAA cannot revoke a student’s athletic scholarship for earning compensation. It does not say that a school is required to give athletic scholarships. Just like the most P5 schools outside of the SEC give a “grant of rights” to their respective conferences, the schools could have a requirement that for a student to receive a full ride athletic scholarship, he must voluntarily grant the rights to profit from his likeness back to the school. A student cannot be compelled or coerced to grant the rights of profits from his likeness to the school (it must be voluntarily waived) and he is still allowed by law to play college football whether he chooses to grant the rights or not. However, if he chooses NOT to grant his rights to the school, then he cannot receive a full ride athletic scholarship and will be required to pay for his own way (or apply for need-based financial aid like most other students). A student cannot receive a full-ride athletic scholarship AND also retain all the profits from his own likeness.
It then becomes a deliberate choice for the student athlete: 1) a free ride, popularity from media appearances that he could capitalize on after graduation, and ALL the students at the school benefit from his success, or 2) pay his own way and keep all the money for himself. That’s the way it should be. Either way he can still play college football. It also restores the concept of the true student-athlete. Going to college is a great opportunity and as others have pointed out, can be worth almost $300k. Schools would then naturally separate- you’d have programs like Alabama where there is no chance that the superstar, 5 star HS athletes would grant their rights to the school. They’d be gambling on becoming media stars and getting paid. They’d have to pay their own way, which means that Alabama would have nothing to offer but being the darling of ESPN. The schools with rosters full of these athletes who don’t give the grant of rights would essentially become professional teams. And thing we know about the viewing public is that they aren’t going to watch a less talented pro league (which is why no one watches D-League basketball or the XFL) when a real pro league exists. The market naturally corrects itself.
Then you’d have the 95% of other football players out of HS who see that an athletic scholarship is a great opportunity for all expenses paid quality education. They’d willingly grant their rights to their school. If a QB has a breakout season and the athlete suddenly becomes popular, and gets commercial deals he could still hire an agent and get paid millions, but since he granted his rights as a condition of the athletic scholarship, all the money goes to the school. That money can then get reinvested into the school, improving educational quality and lowering costs (and other social projects like college partnerships to help underperforming high schools). It makes the successful student-athlete a beloved and integral part of the local community. The schools don’t have to worry about revoking scholarships. The more endorsements a student athlete gets, the better it is for the school and community.