Because the schools do not want the athletes to be employees, with everything that would entail, my guess is the school will buy the media/broadcast rights of the athletes, and the players will essentially become a vendor. The issue with this is it brings all the non-revenue sports into the equation which is why there are questions around title IX and paying everyone.
Field hockey games are broadcast, soccer games are broadcast, tennis matches are broadcast which would mean the school would have to buy those media rights as well; even though the income from those is negligible to football and basketball.
If you think about it this is not that much money and I would expect it will result in not much change. If you think about just men's basketball and football, there are about 100 scholarship athletes (plus 100 makes the math easier). If the pool of money is $20,000,000 that works out to about $200,000 per player, not bad. However you then would have to include the walk ons because they are being broadcast as well (even sitting on the bench) so you are probably looking closer to 150 athletes making it closer to $130,000 per player.
Once you start to add in women's basketball, wrestling and other sports the number probably lands under $100,000 per athlete. A nice check but not earth shattering, decision making money.
My expected consequence to this is reduced walks ons and cutting non-revenue sports in order to maximize the payments to FB and BB. In order to keep the title IX balance it will likely be 2 mens sports cut for every one womens sport. Given there are only 4 mens sports (outside of FB and BB) at Iowa, wrestling and/or baseball would be potentially on the chopping block which would almost be criminal.