Where exactly would this money come from? Merchandise sales is one thing but where would schools get money to pay a "livable wage" to all these students. There are a few hundred schools in NCAA D1. A very large portion of these schools athletic departments operate in red. And there can be several hundred students per AD. What's minimum wage in the states these days? I'm very sure that the NCAA and most colleges don't operate with enough margins to support paying all these players.Like some others have suggested, a fixed % of merch sales and fixed salary (some livable wage) would be appropriate. The kids are playing and practicing non-stop and most of them don't get a degree.
So where does this money come from?