This is where I think the argument falls down. They do get a free ride. That might not seem like much, but I worked full time
while going to school full time. I could have created a lucrative start-up in the hours I was working to pay for school. The athletes also get the primetime TV exposure and ESPN highlights that lead to a chance for $MM contracts. They also get some of the best training and coaching facilities that money can buy.
I get that the players are taken advantage of but so do all of our employers. They aren't slaves, they can try out for professional sports around the world right out of high school and start making money. It will probably be less but they have options.
The one fallout of this is that there are lots of collegiate sports that will go away. They schools won't pay the money for the field hockey team so all the players can get a salary.
All this to say that this is much more grey than a lot of people think it is. I think the right solution is to get rid of college athletics completely. Move it to an intramural setup. All the other leagues can create their own farm systems like baseball has and people can start having minor league NFL and NBA teams in their middle sized towns instead.