The first question that needs to be answered is: what are the rules supposed to accomplish? Why is it illegal to pay for play, or offer gameday experiences, etc? Why are scholarships limited? The assumed answer is that the NCAA is trying to legislate "equality" between institutions. If Bama, ND, Texas, USC (the crazy one), etc and afford 180 scholarships then all the talent goes there, and not to the non-CFB royalty schools. My answer to this is, why is that the NCAA's job?
There are pros and cons with any system, the old way, many a talented player sat the bench for 4 years and never got the chance to show his stuff. On the other hand, because of this new way, there are a lot of players that have no chance to play at all because the overal total number of scholarships and players is reduced. So lesser players that were only playing because they love the game are cut out as players are pushed down all around the system.
So my answer is, shut the NCAA out completely of managing anything but game rules. There really shouldn't be anything the school should be involved in with private agreements between anyone away from the school anyway. If the school paid the player, Title IX would matter, but if I am able to sell my books, personal property, etc and no one cares, why is it any different for the players. If I get a job, its not the schools business what I do or what I am paid, as long as I am not breaking any laws. Places with boosters willing to pay players to "turn on" their automatic sprinklers are perfectly legal under the law. The school has no knowledge or responsibility. To keep it simple and removed, you can make rules that no one can be paid on school premises. That would prevent the $100 handshakes in front of other players.
The real key is that this format gets more players in school, which is supposed to be the focus of the colleges. Being paid to be there saves the colleges money, not requiring the scholarship. Removing limits on practice teams allow more players to play. As long as the funds come from private individuals, its no body's business if it happens.
Focus on adademic fraud, game cheating, things like gambling, etc, that are concrete crimes and prosecutable through the school or the law, and remove the things that are against the rules because it isn't "fair".
The resulting system will not be as balanced as what we have, but it won't be hypocritical either.