I agree with you that many people overstate the impact of some of these things on college football. Portal movement happened before NIL. I think a lot of the dollar figures that get thrown around are overblown, too. I also believe that college football has been broken for a really long time, from a competitive balance standpoint. There also will likely be a correction factor on some of this NIL stuff.
That said, it certainly has made an impact. The fact that recruiting, at least at the top-end of players, is turning into a bidding war, I feel like is a problem. I don't like the idea that college football could become dominated by whichever school has the boosters with the deepest pockets. You could make the case that has always been the case with college football, and I'd have a tough time arguing against that.
College football has always lacked parity, as the rich generally get richer. The question is whether NIL will help even the field or make that problem worse.