I think it's a very bad idea. Because where does it stop, what about basketball players, what about baseball players, what about women's sports.
The way I look at it is this these kids get a full ride, room, board, and meals to go to college. Many have student debt loans they can't pay off. I would argue that is their payment. It's also pretty simple no one forces these kids to play anything, you don't like the way the system "pays you" meaning a free ride in college. Fine don't play the sport.
When Pandora's Box is fully opened, here's what I envision. Obviously, the next step is revenue sharing. The kids want a piece of that pie that the Universities and NCAA are raking in from ticket sales, apparel/gear sales and TV revenue. These agents that the kids are signing with will push them to unionize. And to your point, Title IX says you can't limit it to certain sports. If you're a student athlete in any sport, you are just as entitled as the star quarterback. Now, here's where you destroy college sports.
Alabama, Auburn, LSU, Clemson, FSU, the Ohio State etc. can probably afford to do it. Troy and Central Michigan and Toledo and Kent State are all just keeping their collective heads above water. So you effectively all but kill most of the non Power 5 programs. Not just football....all programs. But here's where it gets dicey. When you start requiring the Universities to participate in revenue sharing with the student athletes, the athlete's tax exempt status is going to end. Uncle Sam is not going to allow a few hundred thousand college athletes to get 4 year scholarships worth between $100K - $200K, and then share in possibly billions of revenue, and not take his piece of the pie.
A few years ago, a group of athletes from Northwestern, attempted to change the designation of student athlete to employee, so they could share in the revenue. Guess what the law requires employers to do for employees? Provide Worker's Compensation benefits. So any injury suffered by the athlete while "on the job", entitles them to a life time medical benefit along with compensation for any permanent injury, among other things. Do they owe the athletes health insurance?
What we're going to wind up with, sooner than later, is a handful of Power 5 schools forming a conference of their own. The rest can go the way of Division 3 schools and do away with athletic scholarships and the students can participate in athletics for the sheer joy of competition.