I truly believe that CFB has jumped the shark and we are teetering somewhere around peak-CFB (truthfully, peak major college sports). As I've mentioned before, amateurism has an appeal. Professionalizing of the Olympics has contributed to their ratings demise. Watching the same professionals play hockey in the NHL on Tuesday and the Olympics on Friday is not very interesting.
It will probably take a few years to fully net itself out, but as the playoff comes into existence, Super-conferences solidify, transfer portal(aka free-agency) grows, and NIL codifies itself into CFB culture, I think interest will wane. Who won the NBA G-league last year? The AAA baseball title? I don't know either, because no one cares about the minors. As CFB looks more like a lower-tier professional league, the appeal of amateurism declines.
I fully believe that major college basketball will eventually cease to exist and be replaced by developmental leagues. The model is already well established throughout the rest of the world for basketball, soccer, rugby, etc. Football is a different animal because the costs are so much higher, so I don't think a professional developmental system is a foregone conclusion, but I think we can definitely see the overall money associated with CFB decline significantly and I think we will see further stratification of a small "money tier" of CFB, but most returning to something resembling CFB of 30-40 years ago.
The moves the B1G is making and expectation that the B1G and SEC will effectively continue expansion and take over CFB is an interesting wrinkle. I think it will delay/stem the decline but I think it may be the start of the "money tier" I reference above. As that happens, the rest of CFB will quickly become a 2nd tier similar to 30-40 years ago, accelerated with players portaling over to the B1G/SEC. In this scenario, it will also eventually become necessary to shed the permanent football underclass. Schools like Kentucky, Indiana, Vanderbilt, MD, NW, etc will no longer have a place in the money-tier (especially once basketball is gone as a revenue sport.) Culturally, I also question whether PSU will fit in this new "money tier." I feel fairly confident that the alums with money today, who largely support the idea of "success with Honor" will not become Nevin Shapiros. The question will be whether a new guard of PSU alums/supporters, willing to throw money around, will rise quick enough to compete with the legacy "bagman" culture that has now been legalized and codified into "amateur" athletics.