1) Basketball is a game. Played by people all over the world for no compensation. They began playing without compensation. They played in high school without compensation, and high schools charge money for tickets and a lot of games are on tv. Should high schoolers get paid, too?
2) College is the preparatory level where you establish your professional value. That's what the collegiate player gets out of it, just like any student gets a chance to earn a degree that demonstrates he's ready to be paid.
3) "Workers" rarely make what CEOs/companies make. How much is Yahoo worth? How much did the CEO get paid? That's not commensurate with the salary of the people doing the programming, so "considering what the institutions make" is irrelevant. Institutions make a lot of money because they have a lot of expense, and have built themselves over time, at considerable expense. If you want to BE an institution, you can't do that by expecting to work for someone else's institution.
Point, for me, is that paying athletes does two things:
• Perverts the system that has been working pretty well for a lot of years.
• Makes it more difficult to police abuses which affect competitive balance.
• Further separates athletes from students, when this is College.
• Doesn't equitably reward the work-to-prominence ratio, as college swimmers probably work as hard as basketball players, but aren't in revenue-winning sports. Do you only pay the tv sports?