There are two segments to college sports. In one big-time revenue from football and basketball fund all the other sports. In the other the universities funds sports.
The two segments are becoming farther and farther apart. My son has been predicting for years now that the big schools will withdraw from the NCAA, not wanting to share their revenue from football and B-ball. I think he is right.
Perhaps the answer will be a collection of organizations for the various sports. In football there will be no interaction. B-ball will, I think look much like today except the Big Guys will control the dance.
As to having an all commers tournament. That already occurs with the exception of the Ivies. The conference tournaments are the early rounds.
Thinking about the transfer rule. I see two issues. The first is the Dingle/Wolf issue. There has been for many years a distinct gap in talent between the majors and the others. This will just increase the difference a little. The other is the player happiness issue that will put much more pressure on coaching to keep their valuable players happy. Those of you on the Eddie Holland bandwagon should be pleased. If SD is unfairly ignoring him he can transfer. Note that he hasn't.