That is worth tens of thousands of dollars at most schools. At BYU, it costs $15k/year to attend, so a football player on a 4-year gets about $60k in compensation over 4 years.
Minimum wage is only $7/hour. If they made $10/hour and worked for full time 9 months out the year, they would only make $15k before taxes. We know they don't work 40 hours a week for 9 months, so they are making more than $10/hour.
I made $15/hour when I was in grad school, and I already had a BA. Undergrads got paid closer to $10/hour.