I wrote it before - but, I would say that Minnesota should leave the B1G and become like the Ivy League or U of Chicago and either end football or eliminate athletic scholarships if they are forced to pay players.
Alternatively, they could eliminate athletic scholarships, meals plans, free workout facilities and tutoring, etc for athletes and simply give them a W2. Let the player cover these costs out of their salary. I think once taxpayers realize how much the average player is 'earning' - we would finally get the scrutiny that has been lacking all along. With that, I would make a requirement for all players to meet the same admission requirements as the bottom 15% of the student body. Lastly, the player contacts could be renewed/terminated at the whim of the player and school - and remove any caps on team size.
As to the conversations posted previously on a competing league to the NCAA - you cannot get around the fact that major college football has been heavily subsidized for generations with stadiums and other facilities that no other league could replicate - especially without the 100+ year legacy of most teams. As for the arena league/CFL, etc - the lack of big salaries for all of those leagues points to the market simply not being there for 'professional' football not played at the highest level. I don't think college faces the issue.
I honestly think that if college football cracked down on the cheating, etc and it was returned to only student athletes (which would exclude some of today's biggest stars) - attendance, etc would be unchanged for the NCAA overall. I honestly don't think you would have a large fall off in interest even at schools like Bama, tOSU, or Michigan. For most schools - they just want their team to be competitive - they go for the team, not a player. So, with a more level playing field, I think you could see expanded interest. So - my argument in a nutshell - major college football does not need to be at the highest level of play possible to capture fan interest as long as the playing field is seen as level.