Nah. This is just a thought starter along the lines of, "what if we had a division where you had to pay football players directly?" I could see a model where a conference develops a league minimum per player. However it's in their best interest to somehow cap the maximum, either via a salary cap, a service based salary, or a luxury tax model. If you don't, the league will quickly become uncompetitive.
At the end of the day, the players will start a union and negotiate with the schools to establish the structure of the agreement. Until that happens, we don't really know how the model will work.
One thing that complicates this is Title IX. If you pay football players directly, suddenly you have to pay an equal number of female athletes. Now you have women's softball and women's soccer players getting paid. And not only that, but if I pay Star QB $10m per year, I've got to pay the female players $10m per year. So some female sports teams will be uncompetitive with others, and those teams will need their own division.
Ultimately you end up with some teams in the NCAA not paying players and some in a completely separate non-NCAA professional league for all sports and the two groups never play.