Take NIL to the next level. Institutions whose identity or prestige is entwined with their football programs can license their Name, Image and Likeness + facilities to private entities formed for the express purpose of fielding sports teams. Such entities would bid for the use of an institutions NIL+ and would be responsible for fully funding those programs. Money generated by such NIL agreements would be used to fund academic scholarships for regular students.
The title of "Student Athlete" would be retired and replaced by "Special Purpose Enrollee" (SPE) who would have to attend a minimum number of classes and show some progress towards getting a degree.
There are a lot of blanks that need to be filled in, including a potential role of television and streaming networks in financing "privatized" athletic programs. SPE's would still be allowed to negotiate their own NIL deals and the Transfer Portal will remain open.