Ha, this is so hypocritical to the typical CA legislator. The only one's benefitting from this will be the elite athlete, who will end up making millions as a professional anyhow. 99% of college athletes, will reap 0% benefit from this.
But that's capitalism. (And whatever opinion you hold of most CA legislators, I don't think any are seriously calling for repeal of that system. But stop me before I veer into politics--I know none of here want to do that.)
Nike will never cut me a check to put my name on a basketball shoe. LeBron gets to earn from that and I don't. It doesn't necessarily bother me if college athletes don't share equally in market-based compensation.
The CA law would require a radical re-thinking of at least some aspects of college athletics. Maybe the cure would be worse than the disease--I'm still thinking about that. But IMO, it's fundamentally hard to justify allowing colleges to form a cartel (that would violate antitrust laws in almost any other context) to agree on limiting compensation for the folks who generate billions of dollars.