I know this is a ridiculous argument but if in fact the universities are handcuffed into offering more compensation to these players based on the revenue they generate, couldn't the university demand that since many other sports operate deep into the red that their players pay money to the school to use the facilities and university resources? Obviously I am not supporting this as a viable argument or solution as it is absurd, but if the players' compensation is based on the money they generate then logically the university shouldn't be forced to offer compensation to sports who don't bring in money? I feel like Title IX supporters wouldn't like that too much. Speaking of which, does this mean that the university would also have to match this compensation in the women's athletics department.
In terms of players not being able to choose their majors, like many have said no one is holding a gun to their head. They can choose to be a student and hang up the cleats like 90% of other HS athletes do. The financial issue is irrelevant. If the player is truly smart enough to get into the school without the benefit of being a phenomenal athlete there are loans and grants that can help them pay for their schooling.
That being said, as a member of the Millennial generation, I would like to apologize to the rest of you for my generation's overall undeserved sense of entitlement. Its embarrassing.