I don't see it. Pay for play has been part of college sports for decades. NIL just pseudo-legalized it. NIL is just the natural extension because college football tolerated pay-for-play. What NIL has done is if you build your success on recruiting the top 100, many of these individuals are not going to be interested in your team but the money your school is going to give you. Michigan is mentioned. Look at the biggest contributors. There are a score of three star and borderline four star players in their 5th year. These guys are not bums in that they have developed and played their way into an NFL career. Are they 1st day picks? No! But they are going to be NFL players. Michigan has made a strategic decision not to pursue the kinds that end up in Columbus because if green is more important than blue or red, you might not be so useful for winning football games.
Tactically, football is going through another cycle. Look at the NFL. YPC from running is at a historical high. Winning by running is back in vogue. This is because defenses are putting an emphasis on stopping high powered passing attacks. This means they are vulnerable to power running. Georgia won in 2021-2022 on this, and Michigan on 2023. Best two teams in the NFL(SF, Baltimore) are predicated on running first. Power football does not require an elite QB or flashy receivers. Football is a copycat league until the next innovation. Staffs in the NFL and college are innovating such that what worked in 2020 does not work against it.
Lastly, when I look at the blue bloods, football talent minus skill positions to me seems to be about the same. The set of Georgia, Alabama, Clemson, and OSU generally have roughly half of the top 100 recruits. Looking at that set, the only skill player that will be drafted in the 1st round are Marvin Harrison Jr, and Brock Browers. I think I can confidently say that the underclassmen minus Eubuka have no chance at being a 1st round pick. This may be because of NIL. I believe the bottom 100 schools are doomed because of NIL. But any team with money can take a swing and bring in their skill ringer. They can't compete with Alabama at the team level. But they can outbid for that one guy. Just a speculation.