It's a hell of a business model.
There is now simply too much money involved in college football — at least at the level of the power conferences, such as the SEC and the Big Ten — for the traditional concept of amateur athletics to sustain itself.
There is now talk among the power conferences of splitting off from the NCAA and going their own route. What form that would take and how they will wedge a doubtless increasingly professional sports model into their academic mission — remember, academics is supposed to be the purpose of universities — is unknown.
But such a development would have the benefit of honesty. Greed is seldom becoming, but it's even more repulsive when wrapped in a phony sanctimony.