The problem is the NCAA and the schools have colluded and set the terms of the 'deal.' Furthermore, for a football player talented enough to play in the NFL, the 'deal' is the only route available to get there. At least with baseball, players have an option - go pro out of HS, or go to college, so when they're presented with the "deal" they actually have a CHOICE. Talented football and basketball players don't have a realistic choice.
The ban on compensation also extends well beyond the school because the NCAA prohibits athletes from cashing in their market value in any other way, prohibiting contact or getting paid by agents, limiting the kind of summer employment, prohibiting outsiders for paying for appearances, autographs, jerseys, etc. A star coach can negotiate a 6 or 7 figure endorsement deal, but his best players can receive $0.00 for their services endorsing products. The schools can sell a player's jersey and number (without name) and NCAA.org itself sold jerseys of famous NCAA players, but the players cannot receive one penny of benefit from the sales of their own jersey with the number THEY made valuable.
Anyway, major college sports are a multi $billion BUSINESS, and the only ones in that business whose compensation (inside and outside their institutions) is capped by the arrangement of a cartel of the employers are the talented players that make it all possible. Just seems unsustainable to me whether we like the results or not.