The most practical consequence of salaries is that most athletic departments would have to cut the sports nobody watches. Football and men's basketball bring in money, but the vast majority of schools lose money on athletics overall, and those programs fund swimming, track, softball, and wrestling. Pay the stars, and the money has to come from somewhere, which means cutting roster spots for everyone else.
The other side has a fair point about athletes generating revenue and risking injury. But scholarships plus stipends plus medical coverage already exist, and spreading salaries around would shrink opportunity, not expand it.