Eh, not really with the insurance. For example, remember the Louisville men's player who shattered his leg? The school was not responsible for paying for that surgery.
I believe that's inaccurate. Isn't it correct that every student must have some form of health insurance? So, I believe the issue is long term health issues from an injury. If an English major fell down the stairs while reaching for a tome, would the world be upset that the school only covered part of the costs?
Personally, anytime we start discussing the exploited athlete and that they should be paid, i want to make sure we understand we're speaking about men's basketball, football. So, how about starting off with something like this:
Break football/basketball off -- of course, you're going to have to figure out how to id WHICH programs should break off -- and set up an independent company. Lawyers need to jump in on the logistics, but something like a company "in residence" at a University." Miami Football Inc.
They are not student-athletes, they are just athletes. They must audition to be part of the pool of employees. They can range in age from whatever to whatever.
If they are accepted, they get a salary.
Their job is evaluated every year (contracts are only one year long -- or, they're 2 years, with significant penalties if they break'em. Like the phone contract.) they can go on forever, just like minor league contracts.
Housing and food and insurance may be offered perks, but athletes must opt in, sorta like a health club with perks.
Hours are 9-5, except on game day.
Athletes pay taxes.
Obviously there's no union, 'cause unions are bad for business.
Salaries of all involved are paid from revenues, media contracts, and non-tax deductible donations ('cause they're a for-profit institution).
The university gets no revenue from this entity, unless we can figure out how... And, unless these athletes decide to take advantage of the nearby university. Then, they have to apply, pay admission, and negotiate time off of work to attend classes.
What other possibilities