IMHO the problem with any sort of CBA is simple...
Most of the time, the CBA exists to ensure the stability and viability of the sport. And a portion of that is in the service of parity. Yeah, there are traditional "doormat" programs in the NFL, because the competence of management is the one area where parity isn't controlled. But teams like the Lions this year are an example that a few straight years of quality management and coaching can turn a traditional doormat into a contender. You have to have at least a chance at parity for everyone to feel that the competition is legitimate. Letting one team just out-spend everyone else ruins it.
But the powers of college football desperately want to avoid anything that introduces parity. They want the doormats to remain doormats forever.
And there are only two ways to do that--either avoid a CBA that enforces parity via a player-selection model (i.e. a draft), or have a CBA that enforces parity via a player-selection model and restrict the top of the sport to maybe 36 or fewer teams so that the doormats simply go away.
But even then... I'm not even sure how a CBA works, if you're still allowing things to be determined by recruiting rather than a draft? You need a draft to have any sort of continued parity. Because the myth of college football is that it's a "student-athlete" model, and now you're going to determine which university a student-athlete goes to based on which sport teams selects them?
I talk a lot about the power of myth. Things that are powerful, whether they're true or not, because enough people agree on that. And one of the things in the foundation of college football is that the myth of the student-athlete is important. Even if they're "general studies" majors, we have the myth that going to class and getting a degree is at least the goal, maybe not for the 5* guys, but for the 3* and fewer guys who will likely never sniff the NFL. Knock that out by forcing players to go to "whatever school drafted them" and suddenly college sports just becomes a shitty development league for the pros. There'll be no difference between watching college football and watching the UFL.
Personally I wouldn't mind a breakoff of the top 36 programs and Purdue being left out in the cold. It's better than lying to me and telling me that my team actually plays the same sport and has a seat at the same table as the helmets.