Like '90-'92, so yeah... that time frame... (I meant UNLV vs Arkansas, btw.)
My point being that when I was a kid in the 80's and early 90's, people actually watched regular season college basketball (and by that I mean teams other than their own)... now, people barely watch the tournament.
1. You had continuity because players stayed through their Junior years. That didn't really start to change until Garnett and Kobe in 95-96.
2. Kobe specifically because he became the de facto 'overdog' once Jordan left. Suddenly, instead of losing 2-3 years of their career playing for free, players saw college suddenly as an unnecessary risk if they were physically good enough to play in the NBA out of high school. That immediately took the best players off the table for college.
3. This led to a span from 2001-2004 where 4 straight #1 picks never played a minute of college ball: Kwame Brown, Yao Ming, Lebron James, Dwight Howard. The die was further cast that college was no longer where the 'stars of tomorrow' go to play. It was where the kids that weren't good enough to play in the NBA went to play.
4. I think they at least tried to curb this with the 1 year out rule in 2006, but all that did was create two problems: 1 and done and the farm system. This made your major recruiting pitch "I can get you into the NBA next year", which as we've stated destroyed continuity.
5. This lack of continuity cleared the way for the barrage of transfers we get every year, which also setup the 'farm system'. Look at how many transfers there are today and look at how many of them start out at a mid or lower-tier program and transfer up to a 'name brand'. So now, every year teams are 'rebuilding'. Teams are literally fielding a completely different team every season (and in our case a few short years ago, mid-season).
6. You also had European players (and American players going directly to Europe for their '1 year' rule) becoming more and more prevalent throughout the league. So college, again, isn't looked to as a pipeline to the NBA.
7. The DLeague (which can draft straight out of high school) has seen a rise in stature as more players are called from there. You've had at least a couple of owners saying that the DLeague prepares players for the NBA much better than college can.
From the moment that college basketball became an adversary talent-wise to the NBA, it was doomed. The NFL has, thus far, managed to keep kids in college at least 3 years, which has maintained college football as a watchable, viable product.
If kids start playing out of high school (or a football 'minor league' develops and maintains financial viability), you'll see the same thing happen to college football.