regulate the money and dictate competitiveness nationwide with the overarching view that nationwide competitiveness is what ultimately drives the biggest profit. (The NFL gets this)
Instead, it is literally every school for themselves, and while certain schools choose to align with each other to maximize their profit potential, it is still every school for themselves. As the haves continue to pull away from the have nots, nationwide competitiveness will suffer, meaning nationwide fandom will suffer, meaning the overall profitability will eventually suffer. I think most people can see this, but the desire for money now overrides the desire to maintain a long term profitable product.
With the ability to freely transfer, and the ability to freely pay athletes, we're already seeing the end result. Wyoming snags a few good players, has a decent season, and then bam. All those players transfer to better schools with more money. BYU could poach from the Wyomings of college football in future years, but the OSU's will be poaching from the BYU's.