Understand that this has nothing to do with "pay for play." A lot of the talking heads fail to make this clear.
The case is about what is called, in legal circles, commercial appropriation of a likeness. It's considered a form of invasion of privacy. In some states it's actually addressed by statute. Where it isn't, it's still recognized in court by virtue of centuries of case law.
What it says is, you can't use my name and my likeness to make money without either getting my consent or otherwise paying me.
The NCAA tried to argue that it got to keep things like video game revenue because paying the athletes would jeopardize their amateur status. The court wasn't buying it. The reality is, the NCAA was stupidly arrogant to have video games out there using not just generic figures in UCLA uniforms, but images of some guy who looks a lot like O'Bannon wearing O'Bannon's number in a UCLA jersey and with the name "O'Bannon" emblazoned across the back.
What the NCAA does now is, it either cuts that stuff out, or it finds some way to pay the people off whose names and likenesses it is profiting.
How does this affect baseball? Probably not one whit. I don't know that NCAA baseball is the subject of video games or other instances of this. It's pretty much confined to the bigger schools and to their football and basketball programs. Also, this was NCAA revenue, not schools' revenue. So it shouldn't pinch schools' budgets at all and thus, it shouldn't threaten the non-revenue or semi-revenue sports.
The world is not coming to an end. It's just one more way that the world is trying to tell the NCAA that it is not above the law. As with the Andy Oliver case, it's a message the NCAA seems determined not to hear, but people who think like that tend to end up in court a lot.