If this is about athletes earning money from a "likeness" why would'nt the colleges want the same thing?  BYU is a "brand" or "likeness" owned by the Church of Jesus Christ of Latter-Day Saints.  All colleges are or should, be very aware of who and how their properties or brands are used (see Disney).  How much of any player's likeness or value is linked to the institution they play for?  Should schools likewise get a percentage of that players income?  The school's brand was there long before the player, that is value in itself.  I see this as complicated now, and way more complicated down the road.

I'm not against paying college athletes, we already do. 

According to the College Board, the average cost of tuition and fees for the 2017–2018 school year was $34,740 at private colleges, $9,970 for state residents at public colleges, and $25,620 for out-of-state residents attending public universities.

As an example, a U of U football player graduates, gets a job pumping gas, thats $10.00 an hour times 2080 = $20,800.  So if he's from out of state, he made more in college than he will after.  That's a good deal!