Especially talking about football/basketball players, it's nowhere near enough from a purely economic point of view. How much revenue does M football bring in? What's payroll (scholarship cost)?
You can argue that the value system of college athletics is correct, but to say they absolutely don't deserve more is beyond ridiculous. Also, FYI, the cost of attendance is what I'm allowed to take out in loans and/or scholarships. This is just bringing athletes in line with the rest of the student body, but on a scholarship basis (and there are cost of attendance academic scholarships at schools across the country).