I think when discussing this it's important to get the image of the average student-athlete correct: the vast majority of student-athletes will never play pro sports, are often good students, and do it in their free time for pleasure, fitness, and love of competition. I think that this is a valuable tradition which should be maintained.
The problem is that high-level college football and college basketball, in particular, have grown from amateur sports into de facto professional leagues, with athletes who are grossly underpaid relative to the revenue gathered by the sport they play.
I'm in favor of separating de facto professional sports away from the truly amateur sports, but I think there's value in having amateur sports. (bias alert: I'm an amateur athlete who spends a lot of his time and money playing sports, and coaches a club ultimate team.)
The problem is that high-level college football and college basketball, in particular, have grown from amateur sports into de facto professional leagues, with athletes who are grossly underpaid relative to the revenue gathered by the sport they play.
I'm in favor of separating de facto professional sports away from the truly amateur sports, but I think there's value in having amateur sports. (bias alert: I'm an amateur athlete who spends a lot of his time and money playing sports, and coaches a club ultimate team.)