A wrong can be written right again! Since neither can use the NCAA trademarks or other team names
Now EA Sports and 2K sports can compete directly with one another, on a level playing field. That is if either decide to create a generic college game.
If they decided to use a teambuilder type function where you can still upload logos of real colleges you might end up having a fully customizable game. If they (EA and 2K) limit the number of teams on the disk and allow users to download teams via some type of teambuilder exchange. You can have custom teams, bowls, stadiums, and play-offs.
They can now do things that maybe the couldn't do with the NCAA license. You can have a player suspended for controversial things like bad comments via social media, or getting involved in illegal activities, and have teams be put on probation for illegal recruiting practices.
This can be a good thing if one or both companies decide to produce a game like this. However, it can be bad if they remain idle and let fans of College Football and Basketball suffer.