I've given this a lot of thought over the past several years and have come to in part the following conclusion:
Rules.
Lots of people bitched and moaned about NCAA rules in the past as they do today. But what people don't seem to understand is that there would never be a perfect set of rules that everyone agrees with and while many thought that the rules were too restrictive (like dinging a school if a kid got a free meal or some extra school supplies), all of the rules had a purpose, which was to try to be fair to all of the members and to keep a check on schemes made up to juice the system.
While there is plenty of argument on the specifics, one thing that's more true than almost anything is that in most cases, flawed rules are better than no rules. What we have now is basically no rules, anything goes, and the chaos and uncertainty associated with this is ruining sports. For example, it used to be that the eligibility rules were pretty cut and dried (4 years to play, can redshirt one year, you have 5 years after you graduate until your eligibility us used up). Transfers were the same way, if you transfer to another D1 school, you sit out a year. There were always some limited exceptions, but for 99.9%, the rules were the rules.
Now, there are essentially no rules, and the rules that exist are easily gotten around. This has created massive uncertainty and all of the problems associated with it. 85 scholarship limit? Now all you have to do is have some booster money laundered through the university as NIL money and now your lower tier players (ones you need for the scout team or are "developing") can have all of their college costs paid just like a scholarship. There literally are no transfer rules, just everyone trying to do what they want with a uncertain and strange NCAA review and approval process. Under these rules, a kid who wants to get back closer to home is denied while a kid who's a better player gets to play right away because he thought some other student cast a racial slur at him. Now there's a system in place to hand over booster money to players, creating a situation where some players get a lot of money and others who produce just as much get near nothing. How does that work in the locker room?
The sad thing is that this could have all been resolved by simply letting players in all sports turn pro whenever they want to. The NCAA could have said, "hey, these are our rules and they're designed to promote some semblance of fairness, and if you don't like the rules, then pursue professional options". They could have put caps on coaches and administrative pay to keep it in line with the structure of the Universities, and if there's any largess left over after funding all of the sports at a University, the money goes to the University Foundation to offset tuition for all students. All of this would be in line with how a University is run in general and would be above legal or legislative challenge. Booster money funneled through the back door to players or coaches would be treated harshly because it corrupts everything.
But now it's chaos, chaos brought on by a system that's designed to have chaos, a system that's fed by a crazy, ridiculous sports media.