That will depend entirely on the courts. The National Labor Relations Board has already declared that Dartmouth basketball players are employees. They don't even receive an athletic scholarship since they are Ivy League.
NCAA football and men's basketball has been run as a business for decades. Court decisions have been catching up to that in the last decade or so. I believe that under the legal and regulatory definition of an "independent contractor", they have control on when/how/etc to complete work. The company cannot directly dictate the workplace, hours, etc. Under that definition, student-athletes are not treated as independent contractors. They have to show up at the school's athletic facilities to practice at specific times. They have to show up at the school's athletic facilities to work out at certain times. If a school declares that student athletes are independent contractors, and a single student takes them to court, it seems pretty clear according to law/regulations that the student will win.
I may be wrong about the way they are wording the direct "NIL" payments, but I think they are being set up as payments for intellectual property. I think many coaches, and maybe some schools, will set them up as direct pay-for-play. Any student-athlete who is paid to perform sports activities, instead of for the broadcast rights of their name-image-likeness, could possibly file a court case to be declared an employee and be paid for violations of labor laws. I think they would likely win. Not based on what is right or what is wrong, but based on the actual laws and the actual way that NCAA sports are being run.
If the NCAA wants to be an actual amateur organization of academics entities whose students compete against each other in amateur athletic events, then they need to make drastic changes in the system. I think it is too late at this point. Anyone who believes that the athletes are the ones corrupting the system hasn't been paying attention to what has been happening for the last forty years. Schools, teams, ADs, coaches, boosters, TV, conferences have already corrupted sports. The athletes are only catching up to what NCAA athletics has already become.