You may be right in the short term, but in the long term there is always more money to be spent and more players asking for it. Sure, $160M at Texas A&M sounds like a lot now. It would be a lot to Utah or BYU. How could you possibly spend that much if a QB is only $1M? Except if 4 or 5 schools who have $160M (Texas, A&M, Michigan, USC, Bama), all chase the same quarterbacks, then it will no longer be $1 to $1.5M to land a good QB. Caleb Williams is already at $3M, and if he doesn't want to go to play for the awful Bears, perhaps another school could lure him away for 8 to 10. As long as there is money, people will find a way to spend it. A&M isn't going to sit on $160M, they'll give their backup OL a million each, receivers will get 2 or 3M, until Texas comes along and poaches their best pass rusher for $6M. Things are going to escalate. 40 years ago no one could have imagined a salary cap would even be necessary in sports because organizations would never pay 100 Million in salary. Until the Yankees and Knicks kept escalating and escalating.

Without any additional regulation, I predict that in 10 years we will see something very similar to professional sports, except all contracts will only be 1 year and every year is free agency. Utah or BYU find some really promising kid who pops as a freshman? Great, Bama will over him $7Million, and he's gone.