I think your mistake is that you view this as a binary choice.
I believe both things are true: first, this NIL stuff will absolutely accelerate the demise of CFB as we knew it. But that was already coming--see P5 vs G5 split, coach salaries, grad transfers, etc. The days of CFB as we knew it in the late 90s and early 00s was already gone before NILs started.
Second, these kids do "make millions for the university." Very, very rich people have been profiting off their backs for decades, while at the same time precluding their entry into the real job market through action that-if it were not football-would be unlawful for multiple reasons.
In sum, CFB was going "big business" regardless--and given that, these kids may as well get paid.