No contracts & unlimited free agency is an unsustainable circus.
The current "solution" focuses on the needs of the Media, and the needs of the Universities, and the needs of the Athletes. That's fine. They are all now apparently for-profit businesses. But the equation somewhat ignores the end client: the fans.
And the interests of college sports fans are significantly different to those of NBA/NFL/MLB fans. Geography ≠ Alumnus affiliation.
And remember, the FANS are ultimately the ones who pay the media (ESPN etc), who in turn pay the schools (TV $, Playoffs $ etc).
The FANS are also the ones who fill the seats, pay for tickets, cougartails, gear, etc. that goes to the schools.
And if the Virginia ruling ultimately leads to athletes becoming employees, then it is the FANS who will ultimately be paying the athletes (indirectly).
So IMHO, interest could start to wane significantly in the coming years if reasonable order is not restored. A Rent-An-Athlete (per semester) world will become an increasing turn off to college sports fans.