except it's not
Well, it is, and it's not.
The equivalent would be if Bill Gates and Jeff Bezos were huge Seahawks fans.
They go to the GM of the Seahawks and say: "Which free agents do you want in Seattle? We'll offer them endorsement deals that massively enrich them, as long as they sign with the Seahawks."
And then they go to those players, and say: "Due to salary cap constraints, Seattle can only offer X to you. However, we're going to pay you 5X that to be MSFT/AMZN ambassadors if you sign. We're not actually going to make you do much in the way of duties or commercials. But if you sign with the Seahawks, you're going to be making WAY more than they can offer you directly."
It's all shady, but the Seahawks salary cap is only measured against their salaries, not third-party payments.
I'm not really interested in "rules," since it's the freakin' Wild West and there are no rules, I'm just interested in what it takes to assemble these teams full of free agents and compete.
Well, there are still some rules. The schools can only offer a certain amount of direct pay-for-play when it comes to revenue sharing.
But your point is valid. College football has now come down to "who can buy the best roster?" In that sense, it's the wild wild west.