and how does that compare to the hundreds of millions of dollars being made off of the product?
I imagine it's quite a bit less. But that in and of itself shouldn't be something we're concerned about - we all generate more money for our companies than we are paid ourselves. Doing some rough number crunching, I took home about $10,000 a year in pure profit, untaxed, based on my travel stipends and room and board stipends alone, each year I was in college. To be clear, that money was for pure spending, every living cost you could think of was already taken care of by the university. This is in addition to the non-quantifiable perks of being a student-athlete at a university (tutoring, people buying you drinks at a bar, etc.)
But really, who cares? I didn't do it for the money, I played college sports because I loved competing. I loved going out in front of 8,000 people a night and hearing them cheer for the team. I loved the way the school spirit showed up against our rivals, and the way the students rushed the court after we upset a heavily favored opponent. I loved hearing "hey, good game last night" from the random guy I sat next to in calculus. I loved the bonding experiences I shared with my teammates, many of whom are still my closest friends today. I love being able to go back now and catch a game and still get treated like family by the administration and coaches.
Those are the things that make college athletics so special, and it is sad for me to see it degraded to, essentially, "I deserve more money for my hard work". Yes, it is a ton of hard work, but the reward for that work shouldn't need to be more money. There are plenty of other ways the collegiate athletic experience can be rewarding without it and thats what so special about it. Hell, looking back on it now, I'd PAY money just to have some of those experiences again. Rarely has the professional world been so exciting or rewarding - even though I get paid a heck of a lot more now. Or maybe I'm just naive.
We already have enough leagues where its all about the money and I'd hate to see college athletics lose what makes them so unique - both to play, and to watch.
Edit: And if those things aren't enough for you, and you're in in for the money, I would echo Landlord (or was it Accountability's?) post from earlier - just sit out until you're eligible for the NBA/NFL draft.