Lots of good arguments on here.
Personally, I think that if ANYTHING is done, then players should be given the same amount as a student with a work study job. Typically, that's about $50-70 a week. That is more than plenty for a responsible college student to live, especially if they use their meal plan and don't travel often.
This really is a tough question. But if we really think about it, the players that the NCAA are making money off of, are typically the players that are going to make the big bucks in the NFL. I doubt that the NCAA is making a huge chunk of change by selling Ben Bartholomew's jersey or merchandise. And yes, Tennessee is making some (though not really, when we have a ton in debt) money through the football team, but it's also expending upwards of $30,000 a year on each player in free tuition. Every scholarship that is given out is money that is not going towards teachers' salaries, facilities, etc. Plus, once you consider that UT is in the process of building new athletic dorms just for the athletes, and the new Thunderdome of Power equipped with a professional nutritionist and all of the healthy food and equipment they could want.
I mean, these athletes get a lot. Do I think that they should at least get a work study salary, yes. If you are not going to allow them to have a job outside of football and school, then absolutely. They need to have something to allow them to occasionally buy things that are needed/wanted, like any other regular 18-22 year old would.
However, do I think that just because the NCAA is pocketing a ton of money, mainly off of the success of a few players that are eventually going to make a ton of money anyways in the NFL, or through endorsements, that we need to give them a cut at it? No.
The NCAA provides the way to the NFL. You cannot play in the NFL (or at least it's nearly impossible) if you do not play at a NCAA school. Therefore, the NCAA is giving players the market value and exposure needed to make the millions of dollars that are potentially there for them. And if they don't make it to the NFL, they are still provided with a high quality education, and entered into the world with regional recognition and no debt.
And so, in my opinion, the NCAA has a right to be able to make money from the players and teams, as they are giving them the opportunity to be able to make millions, or at least to have a successful life by giving them a free education, if the players stay true to academics and behavior.
So, in short. No, don't pay them. Just a work-study salary should suffice.