Starting at the top
So....you're saying it's super different from the bag game, then.
The mechanics of schools paying players directly are not close to being settled. That said, while schools may very well be able to pay players directly in the near future, collectives are absolutely not going away. If the role of a collective is to generally promote athletes, the AD, recruit donors, and facilitate events and activities pursuant to these goals, than it's reasonable to believe that collectives will be essentially folded in as university affiliated fundraising organizations. For demonstration, let's use Texas Exes (which sponsors more scholarships than any other affiliated org) as an example.
The University of Texas is not funding scholarships promised by Texas Exes. They fundraise for the capital and write checks. Does that mean that Texas Exes is writing checks to students to cover tuition? Of course not - it's a sponsored scholarship setup with the school and the check is made out to the University. Scholarships, in this application, are sponsored offers of employment contracts.
The major issue here, imo, is the difference between deep pocketed schools like Texas finding couch cushion money to pay players 1M each or something insane and needing a cap for fair play v. a continuation of exactly how it works now - collectives fundraising to pay athletes. Endorsements are endorsements, but collectives contracting players for community service isn't that. It's a clever way to inflate what you can pay them. Imo, that stays, but as a requirement of their employment.