Initially taking on this question, it seems easier to generate answers that favor allowing for financial compensation than to oppose the allowance of such happenings. It seems only fair that those who have the ability to make money, should not be discouraged from doing so in ways that are completely legal and ethical in our capitalist society. If there are people willing to pay college athletes for their performance abilities and/or personal endorsements, how is it ethical to prohibit these individuals from taking advantage of what they have rightfully earned? Within educational institutions, other programs allow students to be paid for work that they do through jobs that they perform on college campuses and from performing and utilizing skills that they are taught at such institutions. Athletes have the ability to generate potentially large amounts of revenues arising from media endorsements, ticket sales to events, increasing merchandise sales, etc. If this is the case, why then should the NCAA prohibit these individuals from benefitting financially from profits they helped to generate?
There are those who argue still though that college athletes should not be allowed to receive financial compensation. People taking this side of the debate may argue that colleges and universities serve the role of providing education. Should athletes representing these organizations be allowed to be paid for their natural physical abilities, this would take away from the original and sole purpose for which these institutions were established. Because this is the purpose of colleges and universities, these people may also argue that any and all profits generated by athletic programs should be used to towards enhancements of academics at these institutions. There are also those who argue that NCAA sports are the highest level of certain sports that remain pure. Pure, in this sense, meaning not governed by financial dominance and/or financial competition. The last point seems very hard to make a strong argument completely in favor of though due to corporate sponsorships of popular and top-ranking athletic programs. Corporate sponsors not only provide funding and equipment for these programs, but also compound the popularity and success of these programs and draw in highly skilled athletes to these highly sponsored programs allowing them to retain the upper hand.
Seemingly, though there are certain aspects of prohibiting college athletes from being paid that are within reason, those in favor of seem more logical and ethical by allowing these individuals to be able to reap the benefits produced by their individual abilities contributed. Cases in the past have generated extreme controversy, such as Oklahoma's starting quarterback, Rhett Bomar, who received financial compensation from a corporate establishment for work that he supposedly did not do. It seems logical to view college athletes as employees of the institutions they represent, especially if the programs in which the athletes perform in generate profits for that institution.