True, but the NFL gets away with it by having a Collective Bargaining Agreement with the Players Union. The NCAA could do that too, but I suspect that any such agreement with an NCAA Players Association would not be to the liking of the schools.
They might have to end up having to pay more money for things like long term medical care, tutoring help, or just money than they do now because it would mean that not just the star players have to be paid and it would also mean that sports other than football and basketball have to be funded in similar ways. And because there wouldn't be the direct connection to, we need a 5 star QB to make a playoff run and there would be less advantage in NIL for big schools, donors might not be willing to donate as much. Give us $5 million to get a 5 star QB to get us a Natty doesn't work as well as give us $5 million which will be distributed between football, basketball, baseball, women's rhythmic gymnastics, women's water polo, etc.
The other issue that is going to pop up soon in Title IX. All this donor money is going to men's football and basketball with very little of it going to women's sports. That could present a major Title IX issue. So will donors give $10 million instead of $5 million knowing half is going to sports other than football and basketball?