I gotta say I don't like the portal as it is now or NIL in it's current form.
The portal/NIL has made it so no top team ever goes without top tier talent at the skill positions. For example: In the current system you can totally whiff on your high school QB recruiting and still have a great QB by the time the season comes because you just offer a bag to a portal mercenary. So the top teams are never weakened by sub standard QB play. You can apply this to any position you like, but QB is the big one. Look at OSU this year, do you think Lincoln Kienholz gets them to the playoff? Does Oregon do so well without a 6th year senior? Indianus?
Unlimited transfers and unlimited cash means never having to suffer for recruiting mistakes for very long. And little schools who create the next top QB will lose them to the highest bidder, so they are constantly playing with a development QB.
Imagine if Bill Callahan didn't have to try to ram a square peg into a round hole in his first year with Joe Daily, a QB who wasn't suited to the WCO role. All the top teams avoid that worry completely now.
We've turned the sport into pay to win. We've even created a playoff system so that OSU and ND can lose a few times and still make it. The 12 team playoff is just an insurance policy at this point.