Personally, I don't agree with him.
How does that stop someone still from seeking outside $? Do you pay the stars, with the starting 5 getting more or pay them after the fact according to minutes played? Points scored? Or maybe one equal stipend for every player , but what about geographical adjustments for cost of living, (should St John's players get more than SU's) , how about all the other sports, bands, cheerleaders and as Retro pointed out, how about grad students involved in actual research who don't benefit the payoff from their labor? What about walk-ons? Think of the arguments, jealousies, and issues between players , effect on coaches, perhaps strategy? Increase, decrease minutes of players - how will they think it affects their worth, should it?
It will be fans and students paying for it - bet they'll have a vocal say how much a player is worth or not worth. Who pays the taxes for all of it? Where does this discretionary college disbursement come from? What gets decreased? Why would Bilas think that $ solves the issue of greed, always wanting more? Doesn't work even for CEO's - is enough ever enough for many people?
I say put a percentage each year from a player's individual jersey number sales, autograph sales etc during their tenure into a trust payable after they leave. That's it besides the spending money. Or just give me all the money and I will keep it safe and promise to be fair.