They are paid, they get an education, free room and board, excellent medical care and a stipend to live off because their responsibilities as an athlete prevent them from getting a regular job like many college students do. The rest of the revenue generated goes back into the school, mainly to support the 95% of sports that operate at a loss. But we don't feel those sports should be disbanded at the collegiate level, because we recognize the value that they bring beyond money. The only people getting rich are the coaches, and they deserve it. There's no CEO of college sports giving himself bonuses or whatever.
And that's not even the issue at hand, it's whether to allow athletes to seek out endorsements and other revenue streams based on their status as a student athlete. In theory, this seems fine, but it should only take you a few seconds to realize the absolute pandora's box of issues this would cause. From day 1, boosters are now directly paying players and recruits. Money is now the sole reason almost any highly regarded football or basketball player picks a school. As the NCAA had pointed out, this strikes at the heart of what makes college sports enjoyable for many fans. This may seem "unfair", but no one is required to play college sports.