If this makes it to SCOTUS in any form then bye-bye Title IX anyway...the majority would love to toss that one out the window.
Schools need the ability to pay players directly, and I think that's the best case scenario for avoiding the free-for-all that would come with keeping NIL in the driver's seat. Heck, if this Key stuff is true, what's to stop a team from poaching a player mid-season? Or before a tournament game? There's nothing baring, say, Alabama from dumping a truckload of cash and a roster spot for next season on a mid-major standout player who is set to face them in an upcoming game. Might not work every time, but everything has a price, and when you're 19 years old that price is peanuts to an atheltic funding behemoth from a P6 conference.
But since we live in the worst timeline, I don't think anything good will actually happen. The NCAA has the power of a wet fart when it comes to actually enforcing anything it might prescribe. The B1G and SEC are jockeying for a system where their schools are the only ones that can make money...and how long before they take a look at themselves and realize they could just join forces and wipe everyone else out while telling the NCAA to go pound sand?
Instead of just letting the schools pay players, I envision a system where for-profit LLCs are "affiliated" with major schools' athletic departments can issue contracts and lock up talent. Smaller schools like Mason will just become feeder teams for the real money. You could curb this by letting schools pay players as employees, letting the players collectively bargain for their salaries, and then still letting them profit on NIL but as suplemental to their main job with the school.
One of those solutions makes sense and would keep things relatively normal in terms of how the actually games are played and what the fans are rooting for, but do you really think the people behind the money are going to let that happen?