Here's what will happen, and I'll use this as an example:
So an Alabama won't necessarily get the top ten tight ends each year to sign. They might get the Top 4. And then they might just sign five additional ones - in part because that further depletes the pool for everyone else. And they might not necessarily sign a Top 300 player. They might be targeted based on other metrics, mostly notably late bloomer or raw potential. So let's say a David Njoku signs with Alabama. In today's world, if Miami was not competitive a Njoku would be a prime target to transfer once he emerged as a force. But by stashing these prospects on the bench you'll never know about a Njoku or a Philip Dorsett. They'll be buried on the bench - but well compensated - for their entire career. Alabama won't have to worry (that much) about them transferring because they never put any film by virtue of play on the field. And they can structure their NIL deals so that a player like a Njoku would have to pay back a portion or all of their money if they left.
Basically Alabama, Georgia, Texas, Ohio State, and Texas A&M will engage in an insane arms race and wind up with rosters that are 200-300 players. All very talented, but few playing. But they'll pay a premium to keep their bench players from transferring, and the rest of college football will be starved out.
I've joked in the past that Nick Saban would petition for the removal of scholarship limits - I never thought that this would actually be considered. It's as logical and competitive as an NFL or NBA team not having a draft and allowing for unlimited roster spots.
All that is left is the NCAA to waive the 4 year on the field limit for scholarships. After all, if a player wants to compete into his 30s or 40s, who is to say that they cannot? Would we all love to see Trevor Lawrence playing for Clemson in 2033? Or Vince Young playing for Texas for twenty years?