I’m not sure it will crash and burn but it will look very different.
The most likely outcome, IMO, is that a new governing body for the top level of CFB and that the players will be able to collectively bargain. Once this happens everything will be reigned in. Contacts will be enforceable, transfer rules set, payment models established, etc. And restrictions will be enforceable because the players will have agreed to them. At that point it will essentially be a professional sport.
What I think will be interesting to see are two things:
1. What happens to non profit making our even non revenue generating sports? My guess is that football and basketball become their own separate entities.
2. How does this effect FCS, D2, D3, and NAIA? Do these stay as cfb had always been? Where the players are just getting scholarships but they can also go out and get sponsorship /NIL deals?