If it were me I’d take the money and find a kid with the ability but not the means and give him or her a full boat scholarship.
In the past, Simon has donated a significant part of her salary back to the university.
Perhaps she will do likewise again, although I'm inclined to agree with one of the commenters who suggested she give it to a privately supported institution that isn't supported by taxes that the spend-thrift public school administrators throw around so easily.
Your idea about a scholarship for a deserving kid is excellent as well.