To your second point, forcing people to do something just because it is in their best interest never seems to go over. Perhaps there is some way to incentivize the college education rather than just making it mandatory for eligibility in the league?
To your first point, I agree that there is something different about these players being your classmates (for student fans), or knowing they sit in the same classrooms that you once sat in (for alums). Knowing that they love your school, and that they are not mere employees of your school.
We probably would lose something. It just seems that forcing a marriage between a billion dollar sports industry and higher ed leads to lots of shady shit and a whole bunch of disingenuous concern about amateurism and sanctity of the sport, so maybe the tradeoff is worth it?
I guess here is where I land. No one is forcing anyone to do anything. While the athletes make up the product on the field, the truth is that each school "owns" its program. Just like Jerry Jones owns the Cowboys. Iowa can do anything it wants to as long as it follows the law. Iowa could absolutely require its players to sign a contract agreeing to attend classes, to forgo NIL collective money, and require a repayment of money earned if they transfer, all in exchange for a 50,000 salary and free tuition. That is a bargained for exchange and if a given kid does not like the deal, said given kid does not have to accept the offered deal and can do whatever he wants in life.
Where the system breaks down is when the schools band together and all have the same rules. It implicates antitrust concerns. You either need an exemption from Congress or some form of collective bargaining.
This is not an easy path, but the sport must head towards some form of control and uniformity or it risks becoming not legitimate.
Personally, my mendoza line is schools moving away from college age student athletes. I am out. Its not CFB anymore. As Fry noted, the sport is free to do that, but I am free to not ever watch again.
I think the powers that be know that the kids in the helmets have to stay student athletes, but they can be paid a reasonable salary for their efforts, the system can be regulated, and frankly, everyone can be relatively happy. Getting there is the challenge.
But, whatever the outcome, no one is forcing anyone to do anything. You don't like the system, don't participate. Whether that be colleges, players or fans.