The topic of Football and Basketball players needing to be paid because they generate so much money always irritates me. First and foremost because if the market could sustain a professional minor league, then it would. Baseball and Hockey don't seem to have problems doing this and co-existing with College Amateur Sports.
The student athletes of the lesser revenue generating kind put in just as much work for their scholarships as the football and basketball players. They just aren't blessed by an abundant TV audience to generate insane amounts of revenue. But go take a look at all the facilities on Michigan's campus. Swimming pools, baseball fields, indoor and outdoor track, etc. they are world class and continually being updated. Paid for by the revenue generated from things like basketball jersey sales.
The other reason this discussion irritates me is because it's conducted by people who will also bring up Bo's "The Team The Team The Team" speech. Clearly they've never listened to this speech, because there is a large section where Bo talks about the special and irreplaceable 4 years that are a gift to any student athlete. Those 4 years are a time when student athletes compete for the pure joy of the sport, of their teammates, without any distractions of contracts, sponsorships, and in general the downside of money.
Accepting a scholarship is a choice and a privilege. You can enter the NBA from high school if you are good enough. It won't teach you to be an adult, but you will be paid if your talent is sufficient.
That is a choice.