The problem with college athletics and the pay structure, is there are so many significant differences between the future earning potential of players, schools, etc. that it is hard to find a stead fast rule. Even on the super elite basketball programs, generally less than half of the athletes will play professionally. Very few athletic programs even make money. Sure the football and basketball programs at the top level schools make gobs of money, but most college sports lose significant money and as a result most athletic programs lose money.
Here is an article from December 2014, in which a US Representative said only 20 FBS programs made money http://www.politifact.com/virginia/statements/2014/dec/22/jim-moran/moran-says-only-20-colleges-make-profit-sports/
. Politfact said that was a true statement. On average, football netted 3 million, men's basketball netted 340k and every other sport lost money, and most lost significant amounts, such that the average for the 120 or so schools was a loss of 11.6 million dollars per year by their athletic departments.
So with rules like Title IX and other equality rules, how exactly do you pay football and basketball players, but not pay women's volleyball, or ice hockey, or soccer, or track and field, etc. You just can't do it.
The only logical solution is to make it so the top of the line players aren't in college. Let them go to a minor or developmental league, or you know the top league right away.