It is undeniable that these players have market value. That is why NIL/pay-to-lay is so ominous to us. 200k will be $2 million soon because fans want better chances of winning and will pay it at most places.
It is not dissimilar to coaches. ISU can find any high school coach pay him 75k and have the possibility of going 2-22. Revenue doesn't change that much in near term. But we overpay for that extra edge in what we think is a better coach, even though there are no guarantees he will be good.
Players just aren't commoditized.
Brand and revenue is built on having consistently better players.
They have a market value. But their individual market value is far lower than the garbage being thrown out there right now. That is, instead, the market value of those schools being shared with the athletes. If you want to establish a truer market value, look at say the G league entry level salary, and then realize that 99% of athletes arent even good enough to be making that. And then compare that to the total compensation package schools were throwing at athletes pre-NIL, which was often more than they could make professionally.
Not to mention the thousands upon thousands of athletes who are nowhere near pro levels. We're on our way to destroying the model for them too.