I'm not at all ready to call it the death knell. More like something to adjust to. And I don't believe for a second that UM is necessarily at a bad starting position.
Nike's first NIL deal is with - a women's soccer athlete who doesn't have a large social following.
https://www.espn.com/college-sports/story/_/id/32865866/nike-signs-ucla-soccer-reilyn-turner-company-first-ncaa-nil-deal
Given UM's connection(s) at Nike, I would not be surprised to see the company, and others, strike NIL deals for smaller amounts of money with student-athletes at smaller schools. Why? Because authenticity is incredibly important to GenY and younger and that's exactly the sort of deal that appeals to that set. That's why Nike is said to plan to use her rise as a way to get more girls into sports.
It might be a new day, but I don't think it's the death of college football.