When I was in school all the scholarship athletes had food, clothing, and housing stipends that were considerably more than they needed for any of those three things. Not to mention that the free education they receive.
I understand that the "education" most top tier football players receive isn't quite the same as the other students (football is a full time job). I just don't know how you can start paying players without causing some really sweeping side-effects that change the reason that so many people love college football.
With the proper regulation, I suppose you could probably give the players money that they deserve, while still keeping some of that amateur sports magic. Hopefully it doesn't evolve into the pre-NFL where only schools with money have football teams.
I'm also a little interested what could happen with Title IX. As far as I know, all athletes in a school have to get the same benefits and if you start paying college football players (the only ones that typically make any money for the school) what do you do about the girls on the gymnastics team or the guys on the lacrosse team?