This would trigger a mass consolidation of college athletics. Once compensation goes beyond tuition, room and board there will be a massive consolidation down from the 125 D1 programs with 85 scholarship athletes (>10k) to a minority of that number. Non-breakeven mens sports (nearly all outside of basketball) will have to go to ensure universities can keep a football program and comply with Title IV. In the end I expect some players will get higher compensation for a few years. An order of magnitude more will lose out on a free education and a great experience that is a jump start to their actual career.
I am all for salary caps on head coaches and coaching staffs. They should target some savings to go toward a fund to support healthcare needs resulting from their college sports experience and post-grad scholarships. I expect this is fueled as much by wannabee 'agents' and like rent-seekers as it is by the players.