This is an interesting and thought provoking article on the current state of college football..
https://nymag.com/intelligencer/2021/08/college-football-is-the-wild-wes...
Personally, I think the next shoe to drop is revenue sharing. Not sharing between universities, but sharing with players. What if the SEC suddenly starts giving every football player money? Not a lot perhaps, but it could be an attraction for more talent which will get ESPN to pay even more for their product.
In the end, us, the football consumer will end up paying more, as the universities and the networks are going to get their cut.