The side of this you're not considering is that the schools have massive contracts from networks to play games. These players were putting their bodies on the line for a pittance... 30k and some food.
The next stage was paying coaches $10M. The same guy who went .500 is now earning $10M, all while these players are putting their bodies on the line for $30k and some food.
Management, let's call it, was getting flown all over the country to visit bowls and eat dinners, including flying their families, all while these players are putting their bodies on the line for $30k and some food.
So yeah, CFB is dead. But it was already dead 10 years ago when the money got stupid and the players were left holding an empty bag of a worthless degree while everyone else was getting rich. CFB didn't suddenly die because players demanded a share of the money.
LdN