Who knows really how this will all shape out until it happens?
My thought on what we may possibly see is things will stay relatively the same. Schools like GT will need to implement get old stay old model/schemes (hybrid defense) people don't often see in order to be competitive enough so as to get more national attention. This may then lead to an uptick in sidewalk fans, and hence an increased fan base as long as the success can be sustained. I'm not sure this is much different from the norm if what we hear about bagmen is true (which I believe it is).
Putting a limit on what players can earn is an interesting idea. On one hand it could help gt if correctly implemented and only a few players actually make money on the team.
On the flip side, if it turns out small schools like GT only have enough fans so that X% on the players on a team can hit the max payout or get close, while factory schools can hit Y%, and the difference between X% and Y% are massive, then I'm not sure how well this works out for GT. By putting a cap, you are essentially funneling money from the hyperathletes on a factory team to some of the other highly touted players with not as high name recognition. This would greatly favor athlete for the reasons mentioned above.
This will be much tougher on sports with larger number of athletes, probably.
What really should have been done a long time ago is if a player is really good enough, they should be allowed the opportunity to get drafted, if they don't get drafted, they should be allowed to try to go back to school, but doesn't have to be the original school. Essentially being recruited as a new recruit in case their old school moved on and doesn't have room.