While I'm sure this can go on forever about whether to pay or not & how it affects the non-student athlete in regards to fees the simple answer to all of this is that this is the next step in the process of the P5 schools separating themselves from the non-P5 schools.
This is the big schools basically saying that the cost of being a member in a P5 conference that pays $20+MM per year is $2MM in "stipend" money to student athletes. For an SEC or B1G school that will be making $30+MM in the next few years it doesn't matter. To an ACC or Big 12 school (not named Texas or Notre Dame) it might be an issue although doubtful.
For an AAC, MWC or other conference school that is making less than $2MM it effectively eliminates them from competing at the P5 level