I think you're right about how this may end. The reason it may, in fact, go down that way is because the entire NCAA system long ago became bloated with large amounts of money, amounts that grew to staggering proportions when TV money started pouring in. In a system that proudly billed itself as 'amateur', and claimed to be based on education of student-athletes (wink, wink) this led, naturally, to cheating and corruption on a grand scale.
'College football, back to the beginnings', as you put it, would be exactly that: college football as it was originally intended to be, meaning actual student-athletes playing for nothing except their love of the sport and for their schools, while simultaneously working hard to obtain their education.
The athletes who have no real interest in a college education and want only to chase NFL or NBA dollars would be free to do so in developmental leagues without having to pretend to be students.
In a world where college football is truly amateur once again, the TV money probably goes away, or at least become much reduced. I can see how Dabo and Lane would feel very, very threatened by that.