It is very easy to say and have the top sports like football and basketball should get paid. They should reap the rewards and popularity of the sports. They also have clearly been employees for a while. This whole idea that they have been amateur has been laughable for years. IMO all players should be allowed to move around and get paid (even directly) if they wish. It should be contractual and honestly, they should be allowed to be traded too. Just treat it like the professional sport it is.
The whole problem is these sports are NCAA sanctioned. Say what you will about the NCAA, but their whole purpose is to promote college athletics. That means athletics as a whole, not just the big sports. A big reason that random sports like field hockey have funding is because they are subsidized by the bigger sports… or there are just huge donors that likely played those sports. By how it would work now, equity issues would crop up on paying. If the NCAA allowed football and basketball players to be paid, a legitimate lawsuit would arise where lesser sports would need equitable pay. Despite the market forces. To avoid that, and to avoid the massive dropping of non revenue sports (which is already happening due to what is allowed)… they fight tooth and nail to keep a limit on the pay. The second that Pandora’s box is opened, and it will open eventually, we’re going to see a bunch of sports dropped to focus the funds on what brings in money. It is the natural way in a capitalist society.
IMO the only way to really save the lesser sports it to rollout the revenue sports into a set of professional leagues and treat them as such. Keep the other sports under the NCAA banner. This likely does still end up in a slow death as those college connections die off over decades. But the alternative is basically what is happening now, just to the extreme. The top sports get all the money, when the equity issues arise, the extraneous programs get killed. Even rich schools are seeing this. Washington just cut men’s and women’s swimming… Michigan State did too. They even said it would cost something like 5 million to save, then when donors stepped up. They suddenly said 20+ million just to move the goalposts so they could cut those sports. This will just continue to happen.
TLDR this will ruin college sports one way or another. It is the correct thing to do, but the market forces will dictate how funds are split and it will have other impacts that extend beyond the big sports. A side effect of this, is the US Olympic programs are very likely to be impacted in 5-10 years.