It's certainly ruining college football, but I agree that it will potentially keep some players in college longer. There will likely be a number of guys who instead of declaring for the draft early expecting to be mid-round picks stay an extra year or even two in order to get paid at that level.

There's also been speculation that some elite QBs like Arch Manning might make more money in college than they would in the NFL, and that he could stay in school through his senior year because of that alone. Its also a hedge against the wrong team with a top pick taking you at the top of the draft too.