Everyone can speculate where college sports is headed. Based on the present circumstances it makes sense to eliminate scholarships and make athletes employees of the athletic department. Each conference can decide the minimum they will pay and how many employees each sport is permitted. To be eligible to participate the athlete must be enrolled as a student and making progress toward a degree. From his/her salary they will pay for tuition, books, room and board, and living expenses. As an example Iowa could pay each member of the football team $100,000, which would amount to $8.5M annually for 85 player salaries. This not a huge amount considering the money football generates. Along with the salary the university could furnish benefits like health and life insurance. The athlete could get name and likeness money on top of his salary.
When it comes to the portal just eliminate it. Every athlete is a free agent after the end of each academic year.
Let's quit pretending this is amateur sports and athletes are students first. Going to the model I described above will reward those that can offer better pay over those that can't, just like the organizations that can pay more to beat the competition.