I honestly don't think so. Like it or not injury risk is incredibly high for guys who don't make that much money. It's CFB and the NFL. CFB is the minor leagues. You don't make the NFL you're done.
A league could try to raid the college ranks for guys who can't enter the NFL draft yet. Then they'd have some buzz and players that fans might actually go out of their way to watch. The XFL is kind of halfway there by not having any kind of age restriction for players. But I would guess funding would be an issue there as well. If the AAF was struggling to pay their players $75000 per season then a league would need some serious investors who aren't afraid to absorb big losses for the first few years in order to pay big name college players.