While in theory your suggestion works but you left out the major fact that ALL student athletes MUST be treated equally. You are claimed by fairness but ignoring the several hundred other athletes outside of hoops and pigskins.
Besides, the fundamental model is one made up by the participating schools. They get to make the rules. While your model, aside from the equal payments to all athletes argum it aside, the non-elite schools cannot afford your plan. You have cherry picker two coaches, yet the hundreds of HCs at most schools do not make enough to take the $2MM pay cut you suggest. Recall, there are only 65 P5 schools.
While I agree that coaching salaries are out of whack, they are still generally less in comparison to the entirety of the scholarships for the entire athletic department.
Then you have to factor in the cost of keeping great coaches in college v. going to the NFL. The issues are far more complex than what we have discussed. Fundamentally, the schools will eventually change their model but it is not likely to happen as quickly, nor as easily, as many would like.
