He's not wrong.
I think the biggest fear-factor involves getting an antitrust exemption. I believe that the NCAA (and the various university Presidents and ADs) were afraid that if the NCAA just dissolved without paying its debts, and then a new organization arose to fill the voice, that Congress would be unwilling to grant the new entity an antitrust exemption.
Whether that is ENOUGH of a reason to keep the NCAA limping along...is a decision for other people to make, I guess.
But Moglia is not wrong.