There are so many legal ramifications of this, including colleges losing tax exempt status, that it's not going to happen.
Because paying the presidents, professors, ADs, coaches, assistant coaches, concession workers, ticket takers, janitors, etc etc etc doesn't threaten the tax exempt status?
I'm not a policy wonk, just an average thinking Joe. This claim that paying athletes would ruin the not-for-profit tax exempt status thing sounds fishy. Big name schools hire big name professors for big bucks to attract big SAT scores, big tuition payments, and big research dollars from big corporations. Does this hurt anyone's tax exempt status?