I don’t think the focus should simply be on the money. I do agree that is a problem, but I don’t think the solution to athletes being overpaid is to just stop paying them.
Athleticism takes work and effort and time. People should be compensated for that. A lot of people are entertained and invested in college sports, they will watch it, therefore money is being made. The people playing should have a cut of the profit. We understand that when we pay actors for their labor in their projects, musicians for their songs and performances, writers for their hours of labor creating a story. We pay people for their mental work that we find enjoyable, we should also pay for athletes physically labor that people enjoy seeing.