I think its a bit disingenuous to act like they arent compensated highly. Between the tuition, room and board, stipends, etc, all but an elite few of them are making far more than their actual market value, and often more than many are making outside of college.
Think of this within the context of what is going on. CFB is a billion dollar industry. The NCAA and most colleges make money hand-over-fist. Right now, all of the risk of playing is on the players. They're the ones who are at risk for COVID. They are compensated at a rate that is a fraction of a fraction of a percent of what the NCAA/Institutions makes off these games.
So compensated? Maybe. Compensated at an appropriate rate given the revenue generated and the risk they are taking? No.
That's the core of this entire issue. The schools have been able to use student athletes to generate millions with them getting on a tiny, tiny share of the profit. In even a normal setting that isn't ok. When they are also facing the risks of COVID, it's really not ok.