I was on my cellphone when I posted last night, so I didn't note you're from NC. I am not an attorney but I do recall that, for waged employees, the only employees who can receive comp time are state employees. I read that some years ago, so it may not be current. I may or may not have come to an arrangement with my employer at the time that may or may not have suited both of us.
My first thought is how stable your employees are. Do you expect them to be employed for years, or do they move on immediately after their second or third busy season? Do most employees bank their 80 hours? If you can expect most of them to stay for years, perhaps an increase in vacation entitlement, combined with a salary increase, would satisfy most people. The increased vacation time would simply replace the banked hours and an increased salary would seek to spread the excess over 80 hours across the whole year. Bit of a bugger if employees routinely leave immediately after tax season but, otherwise, you'd be pretty close to the current situation. Granted, there will be winners and losers. Some of the losers may be your best employees. In that case, I suppose you have to make a commercial decision.
My wife, an RN, is salaried and has worked for two major hospital systems in NC. Both of them require that salaried employees must work at least four hours to get paid for a day. I am unconvinced that is legal but, if it is, it might be worth thinking about. My wife's last position required her to be on 24-hour call for a week a month. She got $2 per hour in addition to her salary for being on call, whether she was wakened in the middle of the night or not. Mind you, she made up for it at weekends. Often, she did at least a full day on a Saturday. She was not a state employee and I wonder what your lawyer would say about that arrangement.
The problem is that we are dealing with wage and hour laws in the world's most capitalist country that were written eighty or ninety years ago. They were designed to stop exploitation of low-paid hourly workers. Time and a half for overtime is quite strict compared to, say, the EU (which prefers to put ceilings on working hours). Then they needed to deal with managerial and professional staff, who tend to get paid more and whose position requires that the work gets done, but who might experience peaks and troughs. The trouble with this profession is that we don't really have peaks and troughs. We've got a mad rush between late February and mid-April then a slow-down. That is what makes the federal rules unhelpful to this profession in current times.