Most of the stuff argued in this thread has been going on for years. The shoe companies have been running college basketball for the last 20 years. There is an ongoing FBI investigation into this very matter. The shoe companies will be running college basketball for the next 20 years. The difference is that the athletes will now get their endorsement money out in the open. They have been getting paid for the last two decades. Duke and Kentucky are 1 and 2 every year in recruiting, the new rules aren't going to change anything. They will still be 1 and 2.
In college football the same 10 schools will continue to be the top 10 every year in recruiting and the same blue bloods will continue to dominate. Outside of a team here or there, that is how it has always been and how it will always be.
Not sure how this changes anything for the mid majors. They are always at a disadvantage and really have no shot outside of an occasional run in the NCAAT in basketball or on the baseball field.
I don't know the answers and I don't know exactly how this ends up . I do know that when March Madness creates 900 million in revenue, the players are going to want a piece of the action. I know when college football coaches are making 8-10 million a year, the players are going to want a piece of the action. There are now laws being created in NY, NC, Florida to go along with the California law. The NY law is the worst as it gives 15% of the gate to the athletes. That will take money out of the school's budget and that law will kill the smaller schools. Plus, it is a Title 9 nightmare. I do think the best way to compensate players is to let them make money from their likeness.