It's a very tricky situation. Before college football became a multibillion dollar industry, it made sense to compensate players with room and board, free education.
At a school like Texas, each scholarship football player brings in on average 1.4 million dollars of revenue (120 million/85 players). That warrants more than 40k in value/per year of a scholarship.
NIL has at least allowed them to benefit from their popularity and status on their own but the athletic departments are still raking in cash without having to (or being able to) compensate their main labor force.
No easy fix and each solution has it pros and cons.