Ohio State football makes anywhere from $30-50M a year. A lot of that money goes back to supporting sports that lose money hand over fist. Still, the players should absolutely be fairly compensated and what they are getting now simply isn't enough at schools that truly rake in the money from football and basketball.
Don't get me wrong, I love college football and basketball, but the athletes are being taken advantage of, big time. Cut all sports from colleges. Stick with educating. NFL/NBA, get your own development leagues.