Baughn3 - the flaw in that argument is that it's a very, very tiny percentage of college football players who generate big money. For every Terrelle Pryor and Tim Tebow there are 20 no-names at smaller schools. You don't change the entire system to account for an anomaly. And the other flaw in that argument is that the big name players like Pryor and Tebow will go on to sign big paydays with the NFL so the argument of they're not getting compensated fails on that front as well.
I'm sure there are a lot of folks who agree with your argument but I don't think many of them realize exactly how it would ruin college football. If it became pay-to-play then the NFL would probably be on the hook for some of that money, if not all of it, because the schools would never subsidize it and use the "farm system for the NFL so the NFL should pay" defense. If it came to that the NFL would simply abolish the rule that athletes have to play in college and then you'd see the NFL become the NBA where big name players just come directly from high school and bypass college football. In effect implementing the plan you speak of would pretty much make college football a wasteland of those who aren't good enough to ever play in the NFL. Tuning in to see OSU-Michigan would be the equivalent of watching Yale vs. Princeton.
The players would be true student-athletes in a sense that the "real" athletes would be playing in the NFL and only those who are students first and have some athletic talent second would be left to play college football. How really interesting would it be to see a bunch of 1 star players vs. 1 star players in the big games like Auburn vs. Alabama or LSU vs. Florida? It wouldn't. College football would sink to become about as popular as college baseball currently is..
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