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I'm all for players getting payed and unionizing but I think getting rid of college sports would only hurt the players. Less people would watch them and therefore the players would get less money. A large part of the audience for college sports is students and alumni, if you take that away there's not much reason for people to tune in or go up to Hanover New Hampshire to watch their basketball team play and buy merch, especially if they're not a good team.
It works in England because soccer's the only big sport so you can make some money even if your a lower tier team.
Not focusing on academics is a problem but if the option is to have to play in a minor league team, earn a middling to low income that's going to basic neccesities, not make it to the big leagues and be left with no other career prospects or savings; or go to college, make a low income but be able to save it as room and board are covered, not make it to the big leagues but at least have the piece of paper that permits you to even think about having a decent life in this country, I'd go with the latter.
Yep, nobody is going to watch a minor league game. The reason college athletics work is because of the name attatched to the school. Nobody cares about some minor league team, they care about the team that represents the school they went to.