The school does make money from their blood. Its harder to be a student-athlete than most fans can even understand. Kids vanish from the roster due to attrition all the time. The pressure to perform is insane...
But none of that has changed in the past 100 years. What has changed is what the players get for that effort.
Do you know that the PAC-12 guarantees those kids scholarships? That they get healthcare well past their playing years? A basketball player in the Pac-12 can leave for the NBA after 2 years... and come back 30 years later and get his other 2 years of scholarship?
Even at the FCS level kids are treated like kings.
Shows like 'Last Chance U' show what some kids are willing to do to make it to that D1 level.
(ps. I have two kids that play D1 football. Parents know the realities of college football WAY more than the fans)