I don't even know that it should be a lament... all NIL is doing is accelerating a change that would/should be happening anyway. The whole conference model is going to come to an end. Why should Vanderbilt compete as if on equal footing with Alabama? I believe we'll see the top 40-50 programs band together, because they'll be the ones actually making money at 'college' football. The rest will eventually settle into what college football was for most of its first hundred years - actual students/classmates who play for fun/glory. The money and the pressure will be way less, but alums will probably embrace it in the long run, just the way small schools always have.
For that first tier, they won't be semi-pro leagues... they'll be full-blown pros. And there will inevitably come some regulation and control over the wild west of NIL. Cause in the end, they want to make money, not get into spending wars with each other. And it'll be fantastic as a fan. Until the NFL wars...