From what I have read, this is intended to be analogous to the NBA Developmental League, with of course Minor League Baseball being the gold standard as far as development for a professional league goes.
I think from a certain standpoint, it could work well for both players and owners (because let's be real, throughout all of American sports history, everything in every major sports league is always a conflict between players and owners).
For the players, it allows more people to actually make somewhat of a living playing football for a little bit. Granted, the salary would be on the scale of $50,000 vs $450,000 rookie minimum in 2016 so like other low level-minor leaguers, supplemental employment may be needed. It also allows the players to develop more skills (hello offensive line play!) or time to transition to learning more complex playbooks. Also, giving a bunch of 21-24 year old young men time to mature is probably not a bad thing in any sense.
From the ownership standpoint, this would protect themselves from their own mistakes (drafting players who just are not ready/mature enough). This would allow some time for players to be groomed into roles that can benefit the team and give coaching staffs the opportunity to really develop a system of players.
Overall, the play on the field would benefit from this. However, I think the saturation of spring developmental football would lose its novelty eventually after an initial high interest.
Money wise, it would benefit the owners because it's more TV ads to sell to compensate for any lost viewership in the fall.
I do not see this as a way of bypassing college, however (at least not in the way the proposal is being presented at this time). I think arguments could be made about how if a 17 year old kid wanted to skip college and play football he should, but the counter argument with regards to his long term educational and physical well being would outweigh that
