I say pay the players, screw the academic requirements, but make them pay for facilities, training staff, medical insurance, equipment, coaching, travel, food, housing, classes if they choose to attend, tutoring, etc. Put all the TV money, endorsement deals, and gate receipts into a big pool and dole it out to all the athletes in the conference for all sports by whatever formula you want. That should make the athletes happy - certainly not rich but happy. Might turn out that they actually end up out of pocket for the four years with no education and no degree, but ... Then the athletes at a school can decide if they want to splurge on paying for a good coach or go on the cheap. Of course players at Alabama might balk at paying 5.4M to Saban which works to about $60,ooo each 'scholarship' player would be coughing up out of their pockets. Add that to the training staff, facilities rental, equipment, housing, food, and travel and they better hope they are getting paid at least $200,000 each.
There really is a reason why most college athletic departments lose money.