There are some things that could quell the madness:
1) This is the last season that should be affected by the extra Covid year (with a few medical exceptions, maybe). That means less graduates having another transfer season in their back pocket. Could be null and void if unlimited transfers become a thing, but...
2) While making players employees might not thwart NIL in general, it could create contracts which would at least ensure some stability and stop this blind bidding where players go into the portal just to field offers (and lie to School X about what School Y offered, etc.).
So I don't know if NIL outright stops (I've even made the comment that I wonder if pro fans might start adopting it as a quasi way to exceed the salary cap), but I think these things - in conjunction with the fact that some blowhard politicians will eventually start attacking it - could make it much more manageable. We'll see what damage it exacts in the meantime.