That would be the end of college football. The US has shown many times over it has no interest in minor league football. And that's what you will have under your plan.I'm editing for clarity.
The bottom line is that billions of dollars are generated in this industry and the players are getting a disproportionate/unfair amount in return under the guise of amateurism.
It won't be long before they unionize and start making the millions they deserve.