Sure, I agree. But the legal landscape will not let colleges continue not to pay the labor. When the sports weren't generating billions of dollars, no one cared. Getting an education and maybe going to the NFL for a few was worth plenty. But when coaches' salaries went through the roof, ADs were getting millions, and conferences were signing contracts worth 8 billion dollars, the idea that the labor would go unpaid was not only unethical and immoral, but it was illegal.
The answer is simple and complex at the same time. The simple part is to employ the student-athletes and then collectively bargain with them. If they are being paid and helped write and agree with the rules, then you have the guardrails you want because there is agreement, not something being forced on them. It's kind of hard to complain about something you agreed to and are getting paid for.
The complex part is how to make it work with Titel IX and other non-revenue-generating sports.