Alabama, the University, paid Nick Saban as an employee. They agreed he was worth what they paid based on the Marketing he could bring the school.
Players are not the product. The sport is the product. The sport is only as good as the coach and the players he recruits and trains make it. The players are compensated with education currently. That's what they agreed to in their Commitment letter.
You could work for Apple. Apple makes billions but you make only what you agreed to be hired for, not how much Apple earns.
If you want to make college players employees then there needs to be different contracts and rules from what it is now. Wages, hours expected, level of results expected, etc. You can be fired. You will need to pay for your school too as part of your employment unless negotiated. If you want to re-negotiate wages or resign to go to another school that will need to be in the contract also.
If playing their sport was only worth a free education, Nick Saban wouldn't have amassed $150 million in career salary as a coach. There wouldn't be all these billion-dollar TV broadcast deals.
You can't let that kind of money flood in and expect your actual product -- the players -- to be doing it without significant monetary compensation.
There are a lot of college sports where the players only get a free education. Even some tiers of college football. We could all start watching them instead and say to hell with the P5, er P4, er soon to be P3.
Instead of doing that I'm trying to get over my fear of needles so I can get me a Chandler Morris back tatt.