Just play it out. Some schools were/are already into 'the best players that money can buy' territory, now they can formalize it. "Come here and we'll arrange and maximize/sweeten your endorsement deals", "Transfer here and we'll triple your revenue", etc., etc.,
ad nauseam. Layers and layers of intrigue and bullshit, HS kids turned into millionaires before ever playing a D1 game, and the relatively non-corporate nature and simplicity of the Game turned into a money-grubbing circus and soap opera. Great idea all around. One can say it's already happened, but what is remains a far cry from what will be if the legislation (as currently written) ever becomes law.
Nothing wrong with 'amateur' status - no inherent abridgement of individual rights because Players aren't currently allowed to commercialize themselves while a member of an NCAA team as they are and have always been free to pursue commercial glory/economic enrichment over participation in college athletics. Not like many of the those who stand to benefit most from the proposed changes have much if any interest in earning a college degree anyway, and in this day and age one hardly needs to physically be on a Campus to do so. Any and every athlete already has the right to enter into any commercial agreement they wish - that they may not do so AND represent an NCAA University at the same time is in no way an abridgement of their individual and/or constitutional rights.
As re: "revenue sharing", it already exists in the NCAA, as attested to by the presence of world-class training and residence facilities as well as the very existence of a large percentage of student-athletes. What happens to those students and their Programs if 50% of current revenue stream gets siphoned off for marquee BB/FB Players? Nothing good. Just no way that creating and fostering even greater formal and economic disparity among Players and Universities will benefit collegiate athletics.
Are other ways to address 'revenue sharing' besides accelerating the timetable for gifted athletes to become millionaires. According every D1 student-athlete (and perhaps student managers) a modest and equal stipend might be one approach, though it may then be inevitable that university departments and graduate programs all across the country will be met with lawsuits by those demanding profit sharing and a cut of grant money or gate proceeds received by their institutions for research, school plays, concerts, etc. And if Universities are compelled to further compensate athletes through revenue-sharing and/or those athletes are additionally free to pursue financial enrichment in relation to participation in institutional sports, how can high schools and their students be treated any differently?
This whole thing is a Pandora's box, but it does not follow that the solution is to throw it open and essentially deregulate everything. The 'box' was cracked open long ago by the shoe companies when they went from signing deals with Universities to actively working to safeguard/enrich their investments by incentivizing attendance by gifted Players at those institution wherein they had deals. I have little doubt that most if not nearly all of the current clamor about 'individual or 'player' rights is being catalyzed and financed by the same sneaker and apparel companies, and that their political lobbying campaign in DC on this issue has already been collectively budgeted in excess of $100 million for 2021 alone.
This issue will doubtless be debated at length and my own ill-informed idealistic notions on the subject drawn and quartered. Bring it. Right now am largely operating on "if it's not broke don't fix it" and "first do no harm" basis and just do not see how this is either necessary or positive for the 'greater good'. Higher learning in the USA is an interesting blend of private/socialist/for-profit and non-profit themes - would maintain that its associated athletic programs represent the global gold standard, and see little or nothing that will advance or enhance that distinction in allowing corporate interests and personal gain a greater, and in some ways dictatorial role in its expression.