Michael Lewis wrote an intelligent op-ed piece in the newspaper of record that explains some of the hypocrisy surrounding college football. The same arguments he makes about college football can also be extended to college basketball: it is big business. The short version is that college football players are professional athletes in training, and that they are getting the shaft from the NCAA when they don't get paid. Lewis writes:
College football’s best trick play is its pretense that it has nothing to do with money, that it’s simply an extension of the university’s mission to educate its students. Were the public to view college football as mainly a business, it might start asking questions. For instance: why are these enterprises that have nothing to do with education and everything to do with profits exempt from paying taxes? Or why don’t they pay their employees?
I recommend the whole article, available here: