You won't see washed up CFB players. They won't qualify for the league.
What you will see is 4* 5* prospects who get in trouble, fail academically, or just want 50k salary instead of college.
Honestly it's a really great idea for kids with football talent who have no interest in college or need some $ right away due to family situations.
I think this would be amazing if there was a housing component. Ie, the league affords a shared apartment for single players or has some sort of family housing for kids with single parents or younger dependants.