With all of the things I see going on now that I never thought would happen, anything seems to be possible. But before this happens, I think they'll just be a push to make athletes non-students, regulating college sports to minor league sports.
It's easy to have a "slippery slope" attitude to all of this, but I have to think that at some point, some brakes are going to be put on all of this madness. As I've said before, there's a simple solution to this that satisfies both side of the issue. Let the kids go out and get their NIL deals if they can, but they're on their own. The NCAA can vote rules in that the colleges cannot participate in any of this, and if they do, they face sanctions.
If they do this simple thing, then we'll just have boosters making deals with players, but it'll be the players responsibility to get and keep the deals and I can guarantee that the deals will then be contractually tied to performance.
This advisory group formed by the BIG/SEC has first on their agenda to the opposite of what you have suggested. They want to allow schools to pay directly to the athletes, which increases the advantage the P2 has over all other conferences, since they have most of the money - understatement.
Players will not have to be students in the near future as the Athletic Departments become independent of the universities. As far as how long they can stick around, who knows, but if they are not part of the university, who would say they must leave (the NCAA will be gone from the P2). It will no longer be college football.
The NFL is the major leagues, The BIG/SEC are triple A ball, and the Big 12 is double A (after the BIG/SEC get done tearing the hell out of the ACC). The rest will decide if they will keep the sport or not. If they don't need FB, they will drop it, and the presidents and chancellors of those universities will be delighted.
In the words of the philosopher king - Frank Zappa - "This is going to get funky before it gets strange"
We have passed funky, and are now in the strange. Next stop - disaster for college football as a national sport. But the ones left playing it in the Midwest and deep South will make alot of money - hoooooraaaa!!!