Commentary: It’s Time to Do Right By the College Athletes Who Entertain Us

But now what? Last year, the two teams had 14 players drafted in the first three rounds. Everyone drafted neglected their spring semester to prepare for the pros as did some who were not drafted. Others will simply leave school in good academic standing, but without a degree. The NCAA’s “graduation success rate” excludes these former students. Why?

Being part of a championship team is undoubtedly a lifelong goal of all the players. But what compensation do the players get while they generate all this extra cash for universities, the NCAA, and television networks?

The current “redshirt” system allows four years of athletic eligibility spread over five academic years. By design, it gives the illusion that college athletes are getting a free, high-quality education. Sadly, the current system fails many student-athletes.

I propose a new, 10-year scholarship model to help more student-athletes get a quality college degree. Details are available here and here. While students are competing athletically, they would have four years of eligibility over five academic years, i.e., just as they do now. During this time, however, student-athletes would only be required to take a minimum of six hours, two courses, per semester. As a result, those who need the time to acquire the academic skills necessary for upper-level college courses would have it. Those who choose to finish a degree in four or five years would still be able to do so.

During these first five years, the athletic scholarship would be a “full-ride,” consisting of tuition, fees, books, room, and board. During the last five years, the scholarship would include only tuition and fees—a low marginal cost to universities.

College degrees are fundamentally binary. A person has one, or they do not. More deeply, however, a college degree comprises a series of courses. Many courses can be put together to obtain a college degree, but the degree is not marketable. Other courses can be put together to obtain deep knowledge in a subject as well as a college degree. These degrees are marketable.

Last June, the NCAA allowed student-athletes to license their Name, Image, and Likeness (NIL). About 10,000 athletes play for FBS football teams. The ones that stand to benefit the most from NIL are the 224 or so athletes drafted each year into the National Football League (NFL). What about those who do not get drafted? Their earnings from NIL could be close to nil. Even if there is some level of NIL compensation, the dollar amount pales when compared to the value of a life-long earnings stream provided by a rigorous college education.

All college football players will have a long working career after leaving college—with or without a degree. A high-quality, rigorous degree can lead to a meaningful earnings stream. Why not increase the chances for all student-athletes to obtain a quality, marketable college degree? The game on the field and over the airwaves has greatly changed over the years. But the athletic scholarship structure is stuck in the leather helmet days.

Both 85-man rosters for the Georgia Bulldogs and the Alabama Crimson tide are chock full of players who might play professionally, at least for a while. But what about the ones that don’t? The 10-year scholarship plan would not make any students worse but would make some students better off. Yes, the elite athletes destined to play professional sports will likely have NIL. But the 10-year plan will benefit thousands of athletes, and their families, who deserve a much better shake from the schools that profit from their efforts.

Thomas W. Miller, Jr. is a professor of finance and holder of the Jack R. Lee Chair in Financial Institutions and Consumer Finance at Mississippi State University and a Senior Research Fellow at Consumers’ Research.

Originally published by RealClearPolicy. Republished with permission.