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Sounds like the free market to me. by smithwick

If the idea of 40-50% of revenue was applied, the college football world would be cleaved into 50-75 programs that can pay...to varying degrees...and everybody else.

Yes, this is exactly what is going to happen. The schools that generate TV revenue will be in one bucket and those that don't will be in another bucket.

The idea of Notre Dame's "4 year degree" would be tossed out the window.

It will certainly be lessened, but football is still not going to be a viable career path for many of the players. I think many players will still be interested in a ND degree while also earning their fair market value.

every player would be a free agent every year

This is already in effect. And guess what, every student can be a free agent every year if they want.

teams bidding on the talent available within the "salary limits" each school has.

IF the coaches and ADs can be bidded on by all teams for millions of dollars, why not the players too?