I think most college football fans are rooting for Indiana.
Because while NIL does prevent the blue bloods from stockpiling talent, the transfer portal allows them to siphon off stars. Most schools cannot get a kid, develop him, watch him blossom - to finally pay off for the program and fans. Maybe be that difference maker that puts the school over the hump. But that was how teams like the Illini, Wisconsin, Texas A&M, etc - tended to get their bite of the apple. They would be down a year or so, then a great senior class could help them make a run to a top 15 or even top 10.
The fans' brains knew NIL was leveling the field, but they also saw their teams get raided again and again. As well as other teams in their conference.
Meanwhile you had conferences like the SEC carving out little advantages for themselves repeatedly. Trying to cement themselves in the position of being the Raider for years to come. It looked like the new CFB landscape was going to diverge into the haves and the havenots, even more than before.
But
When a team like Indiana can win, it shows that a great coaching staff + a committed administration + great talent eval/development (and a fantastic resulting team) can rise up to win now. Sure you have to make the investment. You have to pay the right players. And you have to develop players quickly enough they don't get siphoned off early. But if you do that, you can win. The days of top teams in each conference getting the best recruits and by doing, ruling their conference and the playoffs? Those aren't gone but other pathways have opened.
It allows every college football fan to believe that with the right coach and the right administration - they have a chance too. Indiana winning as much as it has, gives the fans of many programs hope for their future.
I'm probably biased. I wanted Cignetti. We got Kalen instead and he took us to the NC game - can't complain. But I didn't think Cignetti could do this, much less this quickly.