I wonder how a baseball player in the minor leagues getting paid peanuts to pursue his dream of major league fame and fortune would feel about an offer of free tuition ($50,000K) plus room and board ( $?) would feel about that kind of compensation. To a large extent that is what men's college football and basketball have become - the minor leagues. I imagine most would jump at it and accept whatever restrictions you placed on them.
Yes there is huge money being made off of college sports and most of it gets pumped right back into the athletic teams and facilities for all the sports that lose money hand over fist.
As for the coaches and administrators getting paid big bucks ... some of it is over the top like every other area of american life, but they have all put in the time at much smaller compensation to get where they are. They are not 18-21 year olds learning their trade, but seasoned professionals that have risen through hard work and luck and talent. Geno didn't get paid a living wage in his first coaching gig, and he wasn't exactly raking it in for the first 15 years. But he has stuck at it and now is at the top of his profession and getting paid like it.
I will admit to some curiosity as to what the NCAA budget looks like and where all their money goes. I suspect there is some serious fat in there as with most organizations, but they also sponsor a large number of events for a wide array of non-profitable sports including paying expenses for the teams participating.
As for the poor exploited college athletes - cry me an ocean! Exploited are the workers in sweat shops, the victims of human trafficking, slave labor in various parts of the world, and I'll even throw in restaurant workers. But kids getting a free education, job training, and room and board - choose another word. And if they don't like the contract they signed they can drop out and pursue their profession on their own. It is a free country and I am sure they can get a try-out with some sports franchise - of course they will not have been marketed and showcased and trained by an NCAA institution so they may not actual get the job, but I hear Walmart is hiring.