The student wouldn’t have a market for his mug and name if not for his place on the team.
Seems to me a six figure education at no charge to the student is equitable reimbursement.
If the athletes don’t like it, don’t play.
What about a five figure education? What about a $1000 grant? How much does a college have to give in order to gain absolute control over the monetization of a student's name and likeness?