I think NCAA athletics as we know it will be done once current TV contracts expire.
Power 5 schools who negotiate their own TV contracts via the conferences will continue to thrive and I don't think you'll see much of a change as we know it today (college football Saturdays on all the networks will remain the same), but it's the mid-major/non-football D1 schools that are going to get crushed. Schools like IUPUI/IPFW/etc who rely on revenue share from the NCAAT will have no choice but to shut down varsity programs and go the club route.
The NCAA exists (or existed) solely to regulate amateur collegiate athletics. Now that they've been told they basically can't do this, what is stopping the major conferences from colluding, forcing the NCAA out, and then re-negotiating their own TV deals to broadcast a new basketball and football tournament? It's a bigger pie that isn't going around to all the other D1 schools, money needed to fun their athletic scholarship programs. Due to Title IX, P5 schools still have to offer equal representation between sexes, but I think it's a very real possibility that most P5 schools will only field Football and Basketball programs, Baseball in some instances in men's sports, and then a few women's sports to keep within Title IX compliance.