So you're saying the players are being compensated for providing a service? I'm not a labor lawyer but on the common-sense test, that sounds like the definition of being an employee to me.The players get free tuition, room and board at a time when many students are drowning in debt. Doesn't a quality education have some sort of compensatory value in all this?
And the argument that participation in sports is not mandatory? Neither is having a job, at least in a legal sense (or course you need to earn to survive). Most jobs in this country are "at will". These players sign a contract that compensates them for their services, and they are expected to put in the hours, dress in a uniform, and perform their tasks -- sounds exactly like a job to me.