Make everyone happy.
Pay the athletes or allow them to monetize their name/brand whatever but have some stipulations(just some ideas I came up with with drinking CR):
1. While monetizing your name/brand/product you're also using the collegiate name/brand as well. A fee should be then paid back to the college or university.
2. During the monetization period, you sign an agreement/contract to remain playing "x" sport for that college or university just as pro athletes do.
Really scary to see what could come of collegiate sports teams in the future should everyone hop on board.