We'll see what happens. They essentially want to give more power to individual schools/conferences instead of having the NCAA run everything. I think it's a terrible idea personally because you need centralized authority with something like college football and college basketball. They are already ruining college athletics with NIL as we all know they're going to want more and more and more and more (Give them an inch, they want a mile). The amateurism of college athletics is doomed.
It won't happen over night, but I fully expect college athletics to lose all of it's amateur luster and essentially become professional sports. They are so money hungry I could, eventually, see them extending eligbility well beyond 4 years, allowing professional players to return and play if they're cut from a team, etc.
Imagine Tim Teblow being able to play QB at Florida for 8 years, getting a check from the school for 100k a year and maybe 250k a year after winning a national title. They would have gone for that in a heart beat if there was nobody there to stop them. And now, there won't be anybody to stop there.
These schools are trying to sell a product. And they will blur and change the lines in every way possible to maximize their revenues, regardless of it's impact on the game.