The things that need to be adjusted is that all division I sports should have Professional Sports Degrees in the university. Professional Sports is a multi-billion dollar industry in this country and multi-trillion dollars worldwide. The de facto path for Football and Basketball is through the NCAA. Many Baseball players also go through the NCAA. Worldwide would add Hockey, Soccer, Skiing and Track. Athletes, that wish to have a career in professional sports, are the only students that have to go to school to study something other than what they want to do. It is like someone who wants to be doctor has to study to be a farmer. They need to take all their medical classes on the side. They can then only see the Medical School professors 20 hours for 4 weeks during the spring otherwise they have to go to their farming classes.
The Schools need to accept the fact that Professional Sports is a valid industry and do their best to prepare the student for their chosen major. There are also ancillary jobs in these sports, not just the playing of them. Coaching, media, agents, etc. are all careers that a person can make a living within the umbrella of pro sports. It does not matter if the major does not have a high degree of success. They train people in acting and music. Relatively few people make large amounts of money in these endeavors. So have a real curriculum for Professional Sports. This could include classes in Communications, Business, Economics, Law, Physical Education (human growth and development, kinesiology, etc.) as well as the classes concerning their particular sport. It will be up to the student to pass their courses just as now. You also pay these coaches large sums of money and the student is limited to the time they can spend with them. Make these "highest paid teachers" available to the students as much as necessary.
Allow athletes to make as much money as they are able as long as teh shool is not involved in setting up the situation. Athletes should own their own name and likeness. If they want to sign shirts and sell them, fine. They would have to buy the licensed product from the NCAA to sign. The schools would get the same money, if not more money from jersey sales. If they can setup endorsement deals on their own, again fine. Just make it so the school is not involved with setting up these opportunities. No other student is limited in the money they can make while attending school. If a Computer Science major writes Facebook or Google or Doom, they do not lose their scholarship.
Schools cannot pay the athletes or be involved with setting up the endorsement deals.
The final thing for the school is that they often currently get large endowments and gifts from athletes that made good money in their sports. Imagine how much more they would get if they actually helped the student succeed instead of them succeeding in spite of what they had to do while at school. Grateful wallets would open more readily. Also maybe more of these athletes would be able to take better care of their money if they are better prepared.
If a school did not want to be involved with this, have the division 2 and lower run like they do now.