I agree with pretending they are amateurs but wouldn't the answer simply be to do away with any one-and-done rule? If you're good enough to pay for play and you want to do it you have two options -- nba draft and europe. If there is a market for some sort of minor league hoops set-up (like the D League except, you know, an actual developmental league where legit prospects go to develop), then great, start that too.
But for those kids not good enough to play in the NBA straight out of high school and not interested in playing for pay elsewhere, go to college, try to improve and maybe even -- hey, this is a novel idea -- get a degree!!!! (and, as a note here, I really don't care if you want to cheat in every class. Go for it, what do I care?)
The notion that a kid *deserves* pay simply b/c the university is making money is somewhat ridiculous, IMO. I've never seen anyone put anything together like this, but if you calculate the actual value of a college diploma (and I"m fine with full rides including room and board, text books, etc) as well as the perks like access to state-of-the-art workout facilites, strength coaches, dietary consultants, tutors, priority scheduling, social standing (let's not pretend that being on a college team doesn't carry some nice social perks), etc. -- it's really a pretty solid deal. Especially if you consider that A -- you have options pay for play and B -- if you're really offended by the universities selling tickets and allowing you to play in front of thousands of screaming fans, you can not play basketball.