Well, it was worse before the new CBA. In fact, the contract Sam Bradford signed (after missing his entire senior year in college) was so big at 6 years and $78m, even today no one has matched it. The worse example though is JaWalrus Russell. 6 years at $68m, with $32m of that guaranteed. And Russell held out until the Raiders paid him. Then, once he had his cash, he became the biggest bust in NFL history. Haunting the Raiders to this day walking away with some $40m in cash, and leaving the team in a massive hole of dead money. In fact, it was these two contracts, nearly 20 years ago now, that led to the 2011 (and 2021) CBA with rookie pay all but fixed.
The difference is today many rookie contracts, while lower, have even more guaranteed money. My quibble is the CBA is too loaded at the top for rookies. The 1st round guys (top 10 especially) are overpaid, and the mid and lower round guys "underpaid".
The issue with pay though, is if it didn't go to the players, all the money would go to the owners, who are pretty much all billionaires. This is why I think having the CBA split pretty close to 50/50 owners/players has proven to be fair, even if the entire amount of cash is outrageous. We've also reached the point where the NFL is so successful they may as well have their own money printing machine. The worst owners, and there are some bad ones, and cheap ones, still make big money.
UFL players make maybe $65k a year. About the same as any other job of, call it, experienced, physical labor, where injury is possible (construction for example). The ownership group says they can't afford more, and the league barely breaks even, and they may be right. From what I can gather CFL players make noticeably more, with the top players making well over double that (UFL pay is fairly equal per position). At some point the UFL may sell limited partnership/franchises, similar to how MLS operates, which could bring in more cash. Time will tell. MLS is a good guideline because they actually lost money for several years, millions, before slowly starting to break even, find their sweet spot, and start turning a profit.