I don't know anything about the NFL, but I get the sense that players are bound by contracts, and that maybe teams have salary caps. I'm trying to understand why they did that and what benefit it brings to the sport.
I know this is college sports, not the NFL, but signing a letter to play for a school should mean something to my way of thinking.
And, I haven't fully thought this through, so I'm open to understanding this more and changing my opinion.
For the major sports, NBA, NFL and NHL have salary caps based on collective bargaining. As I understand it, there were two purposes: (1) players and owners splitting the overall pie; and (2) ensuring financial/geographical stability of the franchises. Also, promoting parity to a degree for small market v. big market teams. Without a cap, Buffalo would find it hard to compete in either the NFL or NHL. Milwaukee too. Losing that, you lose tradition. I think the NBA did it because they had so many franchises moving. There are always threats to move and there is still some movement. Vegas got the Raiders not just because it was a hotter market, but they had the stadium problems in Oakland. I think the Caps reduce franchise movement, which I believe protects the overall sport to a large degree.
College football is different because you just have so many teams, traditions, and ties to so many communities. This is whether you are Div I, or Montana (Griz) and Montana State (Cats) even Div II, they are really valued for their schools and communities. When you add up the teams Div I, II, III etc..., I don't know the number but it is maybe roughly 300ish. If you use a roster # of 65, that gets you close to 20,000 football players. There are different scholarships etc... but that is a ton of kids off to college. Then college football funds most all the other sports too. That could be 60,000 athletes that benefit--directly (scholarships, stipend etc...) or indirectly (just having a place to play the sport that they love, medical coverage/training facilities). IMO, college football has to continue it's existence at all levels through this restructuring. I think we just have to give this time for things to shake out and modify as we go. In the old system, the AD had to release a player to transfer--that is not fair. The patience, is sort of like Monday-morning quarterbacking Covid--the response and then the external immeasurable impacts that we are just learning about.
You go to the NFL, the roster size is 67 (53 active and 14 practice squad) which is roughly 2,150 + 200-300 more guys that get called up. Small pool of players, that come out that 20,000 that play. NBA has less players, NHL too. MLB have more, but still the long shot to make it to the bigs. DBT said 1.6% make it to the NFL. Then the average time span for NFL career is like 4.4 years. For some whatever NIL and the education received will be the benefit. That is boggling.
I think signing an LOI can be looked at as a contract of sorts--both school and athlete commit. However, they still need to have flexibility too. For HS recruits these are 17-18 yo kids, so to make a binding decision is tough. Their coaches get to move freely--this can be why a player commits. I like the 1- free transfer rule (this means the players are maybe 19-22), when they make it. I think the multi-transfer rule should maybe have penalty (sit out a year), unless a player goes up or down a Division, including FBS and FCS. Also, they need to figure out the hardship items--HC leaving with most of staff, a kid that needs to get closer to home. Even with Grad transfers, players should generally not go to three schools. Thus, I generally support freedom of movement, especially if the player really believes they have a shot at the 1.6%; that might really be 8-10% of the kids playing.