Application and Re-Application Question

I am a second-year physics major. My goal is to complete a PhD in physics, but I have a bit of a dilemma. I pay for my own school at a private institution, mostly through loans as my family cannot assist me but I don't qualify for any grants.

I realized at the end of last year that I could finish my BS a full year early on only 16 credits a semester due to some dual enrollment and AP credits from high school. Since I am paying on my own, through a multitude of part time jobs, I would strongly prefer to finish early because, in my mind, I cannot justify an extra 30k towards a degree I will have already completed.

Unfortunately, I was not initially prepared for the academic rigor my school entails, so I currently have a GPA of 3.21. I am working hard and I can raise it to a 3.6 if I can keep my focus this semester and the next two after it. My school has a co-term program that, if I cannot get into any PhD programs (considering the state of funding in the US and my only having 3 years of undergrad experience when I apply), I intend to complete. While it is still expensive, the nature of the program means it will be cheaper to do the Master's there than at any other school.

I'm a student-athlete and am currently involved in research in my desired field. Additionally, I have mentorship and TA experience.

However, I am concerned that schools will give me less consideration if I apply a year later, after my Master's. Should I forgo applying to PhD programs completely (especially considering my low GPA) and just wait until I have my Master's?

TLDR; If I get rejected from all the PhD programs I apply for, will it count against me if I re apply the next year with my masters?