Could a NASCAR fan explain what they did to lose their "magic," like some people are saying college football is?

It's a common refrain to see people say that college football is losing what makes it unique and become NASCAR-ified.

I don't disagree that a lot of what makes it unique is being lost with these mega-conferences spanning the continent, but I'm not all that familiar with NASCAR's history.

Could someone who is a joint CFB-NASCAR fan explain the parallels?