Look, here's an answer.
Each student athlete is required for 20 hours of practice a week. (I know, they do more but that's the standard.) That's also the basic standard max students can work on campus. So, you pay them on a graduating scale for 20 hours a week like it's a job. Start and min. wage as freshmen, get a bump as a sophomore, junior, etc. Where's that money come from? The revenue pot the athletics department generates. What does that eliminate? Stuff like zero gravity juice bars and indoor water slides. Also, let some of that money come from advertisers, boosters, sponsors, wherever. But it's regulated through a payroll. Taxes and all.
Problem solved. But ain't nobody gonna do that because it's simple and makes sense.