No man can say, in earnest, that college sports are truly amateur endeavors. In every way outside of pay, they’re treated as if they’re employees. Schools make oodles of money off of billboards, jerseys, and ticket sales, amongst other things, and the players don’t even have the option to earn money off of their likenesses without punishments.
The solution here is quite simple. As the students can’t effectively use the scholarships they’re goven in many cases, they should be allowed to bargain for whatever wage/bonus/etc they feel is just when they’re being recruited. They do what is, in effect, a full time job for their time in college, and the scholarship that holds little actual value doesn’t do enough to even up the transaction. These young people bring in a bounty for their schools, and should be compensated commensurately.