Are the players in this league responsible for any of their expenses, like healthcare, insurance, lodging, transportation, meals, etc... I know they don't have an NBA budget, but it would make a difference in the cost benefit.
Parent(s) are involved in the decision and many value education as well, if not more than athletics. The G league should offer online degree programs or something similar in continuing education, if they will be a true college alternative. Or a path to an Associates Degree, although basically meaningless, it does reduce the number of credits for a Bachelors Degree later.
I see pros and cons, but mainly pros for the NCAA athletics in getting back to producing good armature products.
For the athlete an injury could mean no basketball future, no education and no marketable work skills. Would also be terrible if they barely had the grades to get recruited as an athlete, and wouldn't qualify if not for that. Also would suck to be in G League for 3-4 years then a 4 year college star player like Jalen Adams gets drafted and immediately plays in the NBA on the team that 'owns' your G league team. Jalen will make a million instantly (after graduation or 3 years of college) while the G League player is still making $100k after 4 years. Not to mention player trades that occur affecting the G Leaguer's chances of being called up or coaching/management changes.
Will be interesting to see how this works out.