I think, like most things, this is a case of an inept organization being unable to adequately see the future.
The NCAA waited until it was absolutely shoved in order to even try to correct the serious systemic problems facing college sports. The players produced a bunch of revenue that they didn't get to share in, the NCAA made sham "student-athlete" arguments in order to keep the status quo, and now there's a genuine belief that college sports are just a lower level of pro sports, even though that really shouldn't be the case.
And it will become the case if we keep this up. 60 or 70 schools will field full athletic rosters, and we'll have the football model, which I think is horrible for basketball, hockey, volleyball, baseball, and every sport that isn't football. The NCAA failed the vast majority of its member schools. It's sad. And they've done such a great job of making themselves villains that it's going to be hard for courts and the government to buy the legitimate arguments they are now making about roster turnover, a "free market" for student athletes that's not free at all (because it's totally unregulated and full of bad actors like self-interested agents and also completely top-heavy), and the need to redistribute a lot of revenue to support, say, the Division III softball championship (and I don't that I'd trust the NCAA to enact good corrective policy anyway).
The biggest thing I think college sports needs is a credible commissioner. I've seen others make this argument. You need somebody actually interested in crafting a good policy compromise that enables freedom, labor protection, and access to revenue for the players and preserves the collective interests of non-revenue sports. I think those policies exist, and I actually don't think they'd be that difficult to enact. But if we can't get a credible voice to craft and enforce them, I'm not that optimistic about the future of college sports.
EDIT: One concrete example is that, by failing to anticipate or care about the growth of women's athletics (especially volleyball and basketball), the NCAA cost itself maybe 100 million dollars. They bundle the rights to those tournaments (and like a couple dozen others) and sell the whole package for like 35 mil. You have to think the women's tournament in hoops is worth at least twice that. And volleyball is worth a big number too. If the NCAA was better at managing its revenue, we wouldn't be in this situation.