Simple solutions:
1. Athletic Department spending caps on a per sport basis, set to allow competitive balance and sufficiency (rising propotionally to inflation each year) You get a set amount, so you have to decide how much you pay assistant coaches per annum, how much you pay for recruiting expenses per annum, how much of a new head coach will cost in the out years...Skill, as opposed to bigger schools outspending smaller schools being the deciding factor in championships. Sure, you still will have the taxpayer giving state schools an advantage in real property and pensions, but at least a lot more balanced then what happens now.
2. With spending capped to less of an insane level, the conferences will take a large share of their TV money and set it aside to provide a post-playing career annuity to college athletes, with annuity value set by each relative sports revenue (Title IX may force a minimum). If an athlete passes before the athlete receives his full annuity, his/her beneficiary gets it. This way you keep the intrinsic student-athlete value that straight pay destroys, while compensating the athlete appropriately for the revenue thay have generated.
Of course, this shifts power from Jim Delaney and Greg Sankey, so it will never happen...They will ride the current golden goose until she runs out of eggs and the whole thing comes crashing down.