From what I read they can still put out the game they have been doing if they sign a contract with collegiate licensing company. I don't know how accurate this is but I have seen it on a couple of sites with people mentioning it.
Today the NCAA announced that it will not sign a new licensing agreement with EA Sports for its highly popular “NCAA Football” line of games. So grab yourself a copy of the “NCAA Football ’14″ game. It’s about to be a collector’s item.
The good folks at CollegeFootballTalk.com have a full rundown right here, including the official statement from the NCAA.
UPDATE – EA Sports says it will continue the franchise as “College Football 15,” but without NCAA licensing it’s anyone’s guess as to what that game will look like.