I would like to see a set of rules that makes it fair for everyone in the same division. So Division 1 would get to spend up to $X, Division 2 up to $X, and Division 3 up to $X. They can defer payments or whatever they want but it should be based on cash payments and the MSRP of non-cash payments (kind of like how they do prizes for game shows). They should have to file something with the IRS and then the same filing is used by the NCAA for compliance. Errors on these reports should have stiff IRS penalties on top of the NCAA imposing penalties as well. If the IRS is involved with the filing, it should give those new 90,000 IRS agents something to work on.
Other options include the NCAA requiring standard contract language with options on the term and payments. This would allow players and the school to negotiate how long they will be there and how much they will be paid. You could incentivize players not to transfer as frequently by contractually making them sit out a year or something similar. If they plan on jumping schools, they can negotiate a shorter term. But make the payment process the same - weekly, bi-weekly, or monthly paychecks over the term. That would avoid deferring payments, etc.
There are still ways you can incentivize players to attend your school over your competition. Facilities, Coaching Staff, and education are also things the players should be looking at as well.