That ownership structure is going to have to be negotiated, either as a framework that all schools agree upon or each institution has itself. It could be a pro-sports model where those shares are invested into by prospective owners, or it could be a trust managed by administrators who's revenue is given to the Universities Foundation, with the unofficial but implied relationship with the Athletic Department. There are dozens of ways it could work.
All I know is that all paths are leading down a road where players form a union. Court cases are working their way to SCOTUS as at speak, where they've already indicated they will rule in favor of the athletes. When that happens, schools are either going to:
A. Negotiate with that union in a way that complies with Title IX and mostly keeps the current sports structure in tact, and non-revenue athletes get a piece of the pie.
B. Negotiate with a union that allows football players to not share revenue with non-revenue athletes, allowing Football Players to keep more money and giving their football program a competitive advantage. This option leads to an untethering of football from the school in order to rid themselves of Title IX compliance.
C. Congress gets involved.
I'm pretty sure I know which option Alabama/Ohio State/etc. is going to pick.