I think the NCAA is a wholly corrupt organization and favor its dismantling … but I can reform college sports.
First, all scholarship players would receive a living stipend to cover basic expenses such as food, laundry, etc. About equal to holding a part-time job.
The stipend would be weighted toward the revenue that sport generates. For example, football and men’s basketball players might receive a monthly payment of $1,000 while women’s lacrosse might only get $100. Generated revenue isn’t equal, neither should be the pay.
Any booster found breaking this rule and paying under the table earns the school a fine of $1 million per player.
Any player who drops out early to turn professional would be legally responsible to pay a 4-year scholarship to another student. Doesn’t matter if you make the pros or not. You leave early, you pay back.
Any scholar-athlete who fails to earn a degree with 6 years or their signing day would be responsible for paying 1 year or another student’s scholarship. One and done would be done.
Any coach who weasels out of a contract would be legally responsible to pay the initial school the entire amount of the contract. Some weasel jumps in second year or a 5-year deal owes the school for 5 years.
Bam! College sports reformed in a fair and balanced manner that benefits the athletes, school, fans and even the professional leagues.