Wow... we're actually entertaining this? That is hilarious. The amount of money, benefits, gear, and opportunites that a college athlete gets on a regular basis while on-campus is more than enough payment for selling their jerseys and likenesses. Believe me... nobody is buying a EA Sports College Football 2009 game because Tim Tebow's "likeness" is in it. If Tim Tebow played for Florida International, nobody would buy his jersey... heck, if he played for Central Florida, the sales would be a fraction of what they are now. He owes a lot of his popularity to the University of Florida, so they definitely don't owe him anymore than what they give him already.
Think about it... Who's pays for his Heisman Campaign? Who pays for Naismith Award campaigns?
These athletes are catered to for the entire time they are on campus, and that's the 11th man on the bench. The stuff they give to the superstars is well beyond that. So, to say that these guys aren't well compensated is a complete joke.