Man, this is going to be fun to watch, if you like watching "epic fails" type videos. This is likely to create an even bigger divide between the "haves" and "have-nots" in college football and basketball. I suspect most of the other non-revenue sports will continue on as normal, though we might see some changes in baseball since youngsters could now get paid to play in college as well as the minors.
The fact that boosters can be involved tells me there will be all sorts of creative ways used to lure players to certain schools. While I know they are not going to allow schools to pay kids to commit, I'm just wondering about the things Phil Knight might come up with, for example, to show kids how well players at Oregon are reimbursed once they arrive on campus. I'm sure the NCAA would like the earnings to be based on true market value, but teams/boosters will I'm sure find ways to pay marginal players far more money than they deserve in the interest of building championship "teams".
The thing that might be most interesting to watch is which schools might suddenly become "players" because they have willing and moneyed boosters who can help them lure top talent they couldn't get before.
