Look at what happened when the University of Connecticut faced budget shortfalls—they cut several non-revenue sports to keep the big programs afloat. That's the real-world consequence of treating college sports like a business. If we make athletes employees, that trend doesn't reverse; it accelerates. The money has to come from somewhere, and it won't come from football or basketball revenue alone. It'll come from the swimming team, the track team, the volleyball team.
Let me define "paid" first: direct salaries on top of the scholarship, room, board, and training they already get. Those benefits are worth tens of thousands of dollars a year. The scholarship is the payment, specifically for education. College sports exist to serve students, not to be a minor league system. Less than two percent of NCAA athletes turn pro. For the other ninety-eight percent, that degree is the prize. Paying them like pros would turn universities into employers and force cuts in the very sports that give most athletes their chance.