Alright, give us your breakdown of how your system would work.
I can try, but most of my answers likely won't be very satisfying to you, is my guess. I can only reason about things very generally.
- is there an NCAA mandated salary cap or can institutions pay the going rate?
I see these as being an items negotiated between "owners" (schools) and the player's union, which I think is an absolute must if paying players becomes reality.
A cap, whether you meant that in total for the team (like the NFL cap) or if you meant it like no player can earn more than X, would help with parity, which is a good thing in my opinion.
I would even love to see a draft. Helping to spread five and four star players out among the P5 teams in the system.
- does each player earn an equal salary or are these negotiable based on value to the team?
Another thing that probably has to be negotiated with the union. Me personally, I don't have a problem with some earning more than others.
This is the standard now, in NCAA sports that allow partial scholarships (like FCS football).
- any employment law issues?
Maybe? What are you thinking? What I can say, is that I'm pretty sure all of these schools hire students as student-workers, now. So whatever laws there are, must allow that?
Again maybe? But also again, I don't think the NFL players union has any problems across the states with teams?
In my opinion, it should not be. Title IX was designed specifically to increase the number of opportunities for females to participate. It has succeeded in that. I don't think paying P5 football players and high-major men's basketball players dilutes that.
- free agency or long term contracts?
In my opinion, players should be allowed to transfer after the season, but I would not agree with playing for two different schools in the same season. Though to be honest, when the season spans across a clear break in the traditional school schedule .... like for example, first half of basketball is in the fall semester, and the second half is in the spring semester .... you could well see people advocating for a player to be able to switch schools across that break?
- guaranteed contracts? Any foreseeable costs to that?
I don't see why a contract couldn't be signed for multiple seasons? I'm not sure.
- eligibility terms? Does the NCAA fold in favor of existing labor regulatory structures? Can players stay for 6,7,8+ years if the NCAA goes away? If so what if the SEC decides on looser eligibility rules than the Big Ten?
This is getting really far out there, in the idea of just straight up employing players, like a school might employ a janitor. No class, no academics, just a straight employee.
It might be up to each conference then, to do business as it sees best fit. Just like the NFL and the AAF both play football, but each does it a bit differently.