Here IMO is the flaw in the argument for paying players. Do the players themselves actually bring in millions of dollars to the Universities? Or is it the organizations in which they participate that bring in those millions of dollars? Because if you say the players are responsible then which players? Just the stars? All starters? Bench players, too? P5 teams or all D1 teams? Why not the athletic trainers and band and cheer members also? They are all part of the machine. As soon as you can identify which individuals are responsible for what money coming in, then you can start to parse out which ones deserve a piece of the pie and what size slice. But you can't. Because college athletics are more about the institution than the individual. Take any individual away and the product has the same value. The next guy up will take his place. It is more or less a zero sum game. Unlike the NBA or NFL, very few people are watching to see individual "greatness" or follow individual stars. They are watching and following their programs.
If MLB players go on strike, the replacement players come in and MLB loses at least half its audience. If D1 NCAA players were to strike, a new crop of amateurs (say from division 2) would come in, wear the colors, and alumni would be just as engaged as ever. In the end, the winning matters most. Rivalries, tradition, school affiliation, pride, and WINNING.. all these things drive college sports. Not some individual athlete who is here and gone in a couple years or less. Can Kentucky fans even keep track of who is on their team from year to year? In college, the brand is the front of the jersey. In the pro's it is the back of the jersey. That is a huuuuge fundamental difference.