The Supreme Court already ruled on this, you can't restrict a college athlete's earnings. The Supreme Court unanimously upheld the Ninth Circuit, ruling that the NCAA cannot restrict education-related compensation benefits for student-athletes.
That is what your solution is doing, putting a cap on their earnings and that ship has sailed, it can't be done. This has already been in the courts, the courts ruled, and there is no going back now.
This is the new reality and norm of "college" sports. Schools will either get on board and play within the new rules and spend money on players to compete. Or they won't. But if they don't, they will get left behind in a big pile of dust.