I think it’s good for the game, collectively. Yoh were going down a two-conference league (Big Ten / SEC) which, just as a college football fan. I really wasn’t in favor of. I’m not overly concerned about caps on pay. The elite, blue bloods will always be fine, and I really support the 1 transfer rule.
Pay Limits: Sets a strict maximum cap on the cash schools can directly pay players each year.
No Under-the-Table Deals: Stops schools from using sneaky third-party sponsors or boosters to pay players extra money.
Injury Coverage: Forces schools to pay for an athlete's medical bills during college and for 5 years after.
Safe Scholarships: Guarantees players cannot lose their scholarships if they get hurt or play poorly.
Saved Sports: Protects smaller sports, women's sports, and Olympic sports from being cut by the school.
One Free Transfer: Allows players to switch schools once without having to sit out a year.
No Tampering: Bars coaches from talking to or recruiting players from other teams during the season.
Capped Agent Fees: Limits what sports agents can charge players to a maximum of 5% on deals.
No Forced Majors: Prevents coaches from dictating what subjects or majors an athlete chooses to study.
Lawsuit Shield: Gives college sports leagues a legal shield so they can enforce these rules without getting sued.
A lot of good rule changes, but the most important elements will still involve rampant cheating using new, innovative ways. You can not legislate away the humanistic desire for people to seek advantage over others.
In particular...
1. There is no way in actuality to stop colleges from conspiring with large corporations to provide "off the book" NIL deals to players that wouldn't normally get those deals. Corporations have the freedom to pay anyone they want in NIL. Good luck proving in court that a player was receiving more money than their name, image and likeness "should" or "deserves" receive. It's soooo incredibly hard to prove conspiracy in a court of law, in an environment like this.
2. No tampering is the most comical thing I've ever heard. Professional sports have "no tampering" policies as well ahead of free agency. Ever wonder why in the first hours of free agency 90% of the top free agents are off the board and signed with teams?... Because all of the negotiations were done behind the scenes with the player, through their agent, in the explicit "dead" period. Yet, you never see a single person in pro sports punished for clearly "tampering" outside of the signing window. It will be the exact same thing in college sports.
For the record, my answer is not "do nothing" and let the sport spiral further out of control. I'd rather see a commissioner (with a supporting office) that has teeth, backed by a multi-billion dollar war chest, ready to sue schools out of existence for purposely evading the rules. I'd also like to see draconian legal penalties, including serious jail time, for coaches and administrators found guilty of conspiring to evade the "salary cap" to improve their rosters. I'd also like to see draconian punishments (legally backed) by the NCAA when programs do blatantly cheat. Remove 20-30 scholarships for 5+ years. Make said school pay fines worth tens of millions of dollars that get absorbed back into the legal war chest of the commissioner. Playoff and post season bans, coupled with a transfer window for any players on the cheating team's roster that want to leave and not be subject to the penalty... Basically, programs should operate under the fear of destruction if they want to cheat. Forget the slaps on the wrists... I'm a bit of a tyrant though, so I don't expect everyone to be that extreme.