Again, the only way this is ultimately solved is a draft. Players then are under contract. They can be traded at any time. Let's say that after two regular seasons, they can become a free agent, allowing them to play in a bowl game for another team after their second full regular season. Or, they may go free agent AFTER the bowl season following their second year, if their previous year was a redshirt season.
Of course, this all only works if the universities subcontract out their football programs. Allowing Stan Kroenke to 'buy' OSU football for say, $15 million a season. He assumes all costs including player "name, image, and likeness contributions"...you know....salary. But gets to keep any earnings over that $15 million.
This is definitely how college football should work. Totally will help capture the spirit of collegiate sport that's made it so successful up to now.