Not worthless, but not remotely comparable to the revenue generated. It's undisputed that player compensation as a percentage of revenue is WAY lower in college athletics relative to other sports, which is self evident considering once again, the NCAA outlaws compensation beyond what you're talking about. They've used their monopoly power (one granted to them by the NFLPA, to be fair) to set a price ceiling, basically, and one well well well below comparable caps in other sports.
Indeed. Of course, the people that tend to say players shouldn't be paid also tend to be somewhat hostile to unions. Monopoly power is only good in one direction.