I could see in the long run that for jerseys, etc., that players will get 10% of the school's royalties for the time that the player is a student. Those funds would be held in some kind of account payable when the player's eligibility expires. For post-eligibility jersey sales I would expect that percentage to increase a bit (20-25% ?). The former player may even ask for his name/jersey to be withdrawn from future production.
The video games get a bit trickier. If we just consider the starters, that's 24 players on 120 teams which is almost 3,000 players. Perhaps the players can get a licensing fee of 25% of the NCAA's share for that year's version of the game. Deposit a player's share (1/3,000th) into his jersey account and pay out when the player's eligibility expires. I'm sure the players will want a share of EA's profits instead. The question is... do people play the game for just the players? I suspect it's probably more a combination of the school (uniforms, stadium, etc.) along with some of the players. If the players received fees as indicated above it could allow EA to include actual player names directly with the game instead of requiring manual steps.