The NCAA/universities CAN regulate outside pay but they have to first recognize the players as employees (which SCOTUS has essentially recognized given the farcical structure the NCAA clung too for years so they could keep all the money) and then negotiate collective bargaining. It is a farce and I have no idea why people with no ownership stake would pay kids sooo much money, but, hell, it is their money. Unfortunately, not sure why the NCAA wouldn't support the continued payment of players from third parties while they keep the revenue - unless they actually believe in players playing for schools and a competitive landscape (hah!). It is pure business now (and has been for decades, the farcical structure just took a while to crumble).
That's fine with me, but they need to go back to the old transfer rules. This year after year of free agency is what is killing the game.
College basketball is as good as it has ever been; why will football be different? Gone are the days of hoarding talent like Alabama used to do. Pay will calm down after this crazy implementation period between the big schools and coaches that develop players will be the ones that have the competitive advantage