the business model is based on entertainment and people buying tickets. So I think college sports will greatly suffer from the combination of NIL and the transfer portal as it exists right now, notwithstanding the ability of individual players to make money based on their performances.

If you have a completely different team every year there is no continuity and if people don't like the product anymore, the whole business suffers and in the long run players don't get to make all that money years down the road because of lack of popularity of the sport. Sure, the big colleges might still draw a lot of crowds, but the smaller ones will suffer for lack of funds. Eventually, only elite players will make all the money imo.