This assumes drafts are appropriate and necessary. There are valid arguments that professional leagues should not have drafts. It also assumes college athletics should be run like professional leagues if players are going to be paid. But that’s not necessarily the case.
In the current college basketball landscape, two teams are getting practically all of the top talent. When lesser schools break the rules to lure top athletes to their university just so they have a chance at competing, they get caught and punished, and relegated to mediocrity. In an environment that allows adult humans with a marketable skill set to seek top dollar for said skill set, the top teams will still get top athletes. That stays largely unchanged. Lesser teams might be able to have donors fork over more money to get some more top athletes who fall through the cracks, though. What’s more, they don’t get punished for it. The result? More parity and better competition, especially at the top.