Honest question. If college football players at major FBS schools are so underpaid like you say, why don't they just break off from the NCAA/Universities and form their own league?
The answer in my opinion is two reasons. First, there isn't a significant market for what would be the equivalent of "minor league football." The Universities draw the fans, not the individual athletes. People go to cheer on their college. Second, the NCAA/universities put the necessary infrastructure in place for all this to be possible. The athletes would be nothing without the universities. Sure, they could maybeee form some sort of minor league and get paid $20K a year to play. But that is less than the value they are receiving at universities. Right now they are receiving $200K+ in value over 4 years + elite coaching + nice facilities and much more, regardless of whether they end up being good or a complete bust.
Pretty good deal if you ask me.