I honestly don't know what the answer is. Pay the players, you say? OK....how much? Are you going to pay a starting QB on a par with an offensive lineman? And even if you pay them, what's to stop them from wanting more and taking it if some overzealous booster or alumnus offers it?
As long as there are equaling factors like salary caps and revenue sharing between big name programs why not just let the market decide what players are worth? That would be the fairest way to go and it would keep competitive balance. For those of you that are afraid of boosters just giving people more money now, how would that be any different than the NFL for where people could potentially give them outside money, where it really happens? People risking their playing time and careers for taking huge amounts of cash from people they shouldn't when they are making almost nothing is a pretty good risk for them, but if they really made a lot of money the risk would be great enough not to screw around and try to get more, and they wouldn't feel as cheated to want to do it in the first place.
To all the people that are stating that the players should be getting the same amount of money (or people that don't think they should be making anything) tell me this. If you were somebody like Reggie Bush or Cam Newton, for example, and were were the direct cause of millions and millions and millions of dollars coming into the university not to mention a highly disproportional reason for your team winning compared to the other players, why the hell should you get only the same amount as a backup punter or maybe not get anything at all? For that manner why shouldn't you be able to have endorsement come your way and cash in on it? Also, why shouldn't you have control over the right to your very image?
To all the people that think a tuition and housing is a good payment, again, let the market decide. If most players aren't really worth more than that or it really is a good value then most players will be happy to play for just that with just the elite making more, and if that's not the case then we will know even the rank and file players were getting screwed after all these years by the unfair system that's in place.
As for me if I had it my way I wouldn't have any place of higher education be in the professional (or de facto professional) sports business, and I would have all the players go to a farm system or an independent league to develop. Schools should be about education, not about being in big sports business. In my opinion they have no business in it and things like this just prove that fact and drive it home no matter how much people don't want to face up to it.
I have to be honest. I consider myself a reasonably moral and ethical person, but if I were in a big name college player's shoes, and forced to be in the system the way it is, if I thought there was a good chance I could take money from somebody like a booster or some other person that's willing to give me a hundreds of thousands or maybe even millions of dollars to play and I thought there was a decent chance I could get away with it or at least get away with it until I was drafted into the NFL were I would no longer really care if anybody found out, I WOULD DO IT. I don't see it as even wrong the way the system is set up and practically forced them into it. I wouldn't even be apologetic or feel bad. At worse I would just be getting what was rightfully mine and screwing over people that were organized to screw me over first. I might only feel bad for the other players that got punished afterwards, but that would be more the NCAA fault for setting up an unfair idiotic system and not mine.