I think everyone agrees this is a bad decision by the NCAA with obvious implications that it will lead to paying players.
Here are two secondary effects:
1) Coaches salaries, paid from boosters money, will become diluted with the competition from players salaries. This might be good or bad.
2) The parity in college football that came from the 88 scholarship limit will reverse. No longer will athletes limit their schools based on scholarship offers or schools limit their recruiting on available positions.
This means, we should expect fewer recruits from Florida, Ohio, Pennsylvania, Michigan, and Texas. There will be a stronger correlation between areas of quality high school talent and the local college teams succeeding on the field.
The first effect is debatable to me, but I think it's probably bad. The second effect is heart-wrenching, as the parity has made college football the best sport in the world.