The current ruling actually leaves the door wide open for this type of case to be tried again--the 9th Circuit ruling upheld the lower court's finding that the NCAA's current athlete rules violate federal antitrust laws. So once a new crop of college athletes (who were not "current athletes" included in the class for the O'Bannon case) decide that they are being exploited, they could bring another challenge to the NCAA's rules. The real problem with the 9th Circuit's decision is that it really didn't give a final resolution to anything (which is why both sides hoped that the Supreme Court would take it up).
EA probably COULD make a game with generic rosters right now--players still might sue alleging a likeness infringement but it would be difficult for any Court to rule against EA if the rosters were truly generic and had no resemblance to current players. But EA has arguably always had this option, and has shown no desire to make such a game--so they must not think it's a viable investment without accurate school rosters.
The individual schools and conferences could sell licenses to EA to appear in the game, EA just can't include actual "players" in the without compensating them (an effect of the court ruling in O'Bannon)--and yet EA CANNOT pay the players without violations of NCAA rules. This is the reason we can't have the old game back--EA has no possible legal way to include actual players.
Thus, at this point, our only hopes for a new NCAA Football game are if either (1) a company decides to make a game with real schools and conferences but completely generic rosters, or (2) the NCAA changes its rules to allow payment to players for uses of their likeness, the players then form a union or some other group to collectively bargain for them (no company is ever going to be able to make a contract with each player individually), AND a video game company can reach a reasonable deal with that union for player compensation that still makes the video game a financially sound investment for the video game company. Either way, we've likely got a long road ahead.