I think NCAA basketball can still survive and thrive in an NIL world. Many of the top players are one and done anyway, and the rosters are smaller, so the transfer of players isn't a huge change from how it has been over the past couple of decades.
But I'm not sure CFB is going to exist as we know it. I don't know how many universities have the appetite to field a semipro CFB program. Let's say a lower-level Power 5 program finds a diamond in the rough and develops a kid into a star. As things stand now, that kid will just head off to a higher-profile program for more money. I'm not sure more than 3 to 4 programs survive in the Pac 12, Big 12, or ACC in their current form, and I don't think that is good for the sport. But at least some kids will get paid for awhile before things go totally off the rails.