That's nuts. For so many reasons.
If the thing is the kid is allowed to pursue 'deals they can strike on their own,' there's no way to monitor what they're actually getting. A booster/binnisman can say, 'We at Company X are giving this player $10,000 for autograph signing and event appearances and endorsement of our Hoosywhatsits' via the approved NCAA clearinghouse. And then since there's already that connection/relationship between player and binnisman, he can slip him/the parents a briefcase.
The NCAA is going to be tasked with determining endorsement values, which will be context and market-based. LA and NY kids can make more than Alabama kids? Is there going to be a scale that says top 20 kids can make X, and everyone else can only make Y? Then what happens to the #84 kid who actually becomes more valuable than the flameout #4? Do you get more money the longer you're in college? More, based on number of games won? Based on tv ratings?
The NCAA couldn't monitor when there weren't supposed to be any payments, and now they're going to be better cops and investigators? Do they have an incentive to keep/make the playing field level? Or, is it like in the pros, where everyone always says it's better for the NBA if LA and NYC have strong teams? So, they'll favor the blue bloods and traditional powers?
The sad thing is, when a kid of 'limited means' suddenly started buying a car and diamond earrings, it was a clue that something nefarious was going on. Now, there won't be any clues when the whole system is subverted, because they'll all have cars and diamond earrings.
Heck, there's going to be GoFundMe campaigns for alum and boosters to pile up larger and larger paydays and bids for recruits.
It's going to suck for college ball.