This doesn't really affect me since I get my local CBS off air and via PS Vue. But I hope this opens the door (or coincides with) CBS adding live games from the CBS Sports Network channel to CBS All Access. Heck, I would pay $10/mo. just to stream the CBS Sports Network, which isn't available via any OTT TV service yet -- just on major cable and satellite providers and usually in a higher tier. Three-quarters of my local college team's football and basketball games (SDSU Aztecs) air exclusively on that channel with no other way to watch, not even on CBS's College Sports Live streaming service. Having cut the cord in June, this is my first full season without the ability to watch the games (and both teams are borderline ranked this year).
I assume you can watch any college sports that would normally be broadcast on your local live CBS network stream, just not any games on subchannels like you can watch on some other network sports apps.