The players already miss a ton of class and have tutors, etc. It would honestly not be that different academically.
Throw in the virtual aspect of many colleges around the country and there's very little argument against on the academic side.
The social side is another story, but that would be up to the players to weigh the pros and cons of playing vs. social life and decide to opt in. I imagine the overwhelming majority would opt in, as they already sacrifice a lot socially to play (summers on campus, curfews on game nights, etc.), live much of their lives online as it is, and would be able to still interact with teammates and coaches.