I don’t see it as exploitation. The players chose to go to that school and play football. They’re being provided benefits worth 10s of thousands of dollars, as well as significant amenities that regular students are not. It’s not my problem that sports makes more money than other extracurriculars. The band, the cheer team and every other sport make that same decision, but don’t get paid either, because the school is providing something of value in exchange for the labor provided.
I also agree with the original premise of NIL, which allowed players to benefit from their Name, Image and Likeness. That is no longer the way it’s being applied, and is pay for play.
Paying the players as employees will end women’s sports. It’ll also kill the significant majority of non Football/MBB programs, resulting in a net loss of sports programs everywhere, as well as the end of the American domination of most Olympic sports.