Huge decision. I love college football, but ultimately I can't blame the players demanding a cut of the billions the NCAA generates each year even if that means the end of relevant college basketball and football...which I think it will. Because of Federal law the NCAA will have to pay every employee from every sport the same amount, but only football and some men's basketball programs generate revenue, so ultimately if upheld this will end the NCAA as the football players and bball players would make a lot more through minor league systems that would surely be created.
Even if this is not upheld, many more similar cases will this will pop up and eventually one will be upheld. It is inevitable. The NCAA had a good run profiting off of the backs of these football and basketball players.
America is unique in that college sports is its main system for developing young athletes (aside from baseball where it's a mix between minor leagues and college). Look at Europe and how they develop their young basketball and soccer players...hint: it's not through college. The players do get better developed through minor league systems than they do in college and if education is the concern minor leagues can offer contracts that offer to pay for some or all of college like minor league baseball already does, so players that don't pan out can take advantage of it.
But football is unique because young players, aside from a once in a blue moon players like Adrian Peterson, cannot play in the NFL until at least a few years after high school because they need to get bigger, stronger, and more experienced. This is why a minor league football system would still generate a lot of interest because the future NFL stars will play in the minors unlike other minor leagues that no one cares about. The NFL has no interest in a minor league...this means that some other league for the college age players will still remain but it won't be through colleges and the players will get paid...or maybe the NFL will change it's mind and see the revenue the NCAA made and create a minor league system.
Fans will not pay the same kind of money to watch football and basketball farm leagues. The game itself has profited from NCAA sponsorship in the past. The game would suffer without that sponsorship.