There's two different conversations here we are having trouble keeping separate. One is whether there is a legal mechanism to affect the change, the other is whether there's a moral basis for seeking the change.
Your best argument for a legal basis is definitely "this is actually just hidden salary". That's a case you could reasonably make. I am not really sure on the particulars of this 5 million dollar deal or any others, but time will certainly tell.
The moral basis, however, is just not there. There is no good reason in the context of CFB to care about anything like "the good of the sport". In the NFL, if the viewership declines because the teams aren't competitive, the sport actually disappears. Fielding sports teams is not a very natural thing for cities to do, and they need to be compelled by financial interests, usually. For the NFL, if anyone wants to play in it, they have an interest in keeping it competitive, so it makes sense to cap salaries and have drafts and etc.
For CFB, as I have already pointed out, that is not the case. Colleges have been fielding sports teams when it makes no financial sense for a hundred years. It actually makes less financial sense right now for most teams than it ever has. If the market for the sport dries up and everyone goes bankrupt, colleges are going to keep fielding teams anyways. The sport isn't going anywhere. The "good" of CFB is not connected to its overall financial health or monetary worth. You can't make the case that restrictions in the amounts or types of player, coach, or school earnings are "good", except by an appeal to how enjoyable it is to watch. And saying to ourselves, "I would enjoy this more if the people doing it were paid less and had fewer opportunities" is a losing argument every time.