I guess these are the current rules:
https://www.cbssports.com/college-football/news/10-ways-college-athletes-can-get-paid-and-remain-eligible-for-their-sport/
A lot of good insight here. I hope not to repeat too many of the salient points already mentioned.
The "system" as currently constructed is a lot different than many folks are aware of: and it is certainly not "fair and equitable".
Scholarships are year to year: play well or go home (and don't get hurt)...and that is often a very capricious decision. As others have mentioned, there is a sea of money moving around big schools that is certainly not delivered with equity in mind.
I want to see the details of each State law, but the NCAA is a victim of their financial success - as well as the marketing of their stars.
This is an interesting, perhaps imperfect first step but the current systems is as goofy as two goofy things.