The Dallas Morning News’ Kevin Sherrington observes that the NCAA’s the absurdly-high salaries of big-time college football coaches has a high price:

Football coaches at most Top 25 programs draw salaries equivalent to Fortune 500 CEOs, but they don’t generate similar revenues.
How do they rate their paydays then? Coaches simply benefit from an arms-race mentality in college sports. You can’t compete without an indoor practice facility, luxury suites, a weight room the size of a football field or a head coach drawing less than seven figures.

As noted in previous posts here, here and here, big-time college coaches benefit from the NCAA’s regulation of compensation for players. Inasmuch as the NCAA does not allow direct compensation of the players for the money being generated, the money has to go somewhere — i.e., into the wallets of the coaches. However, if the players were paid market compensation for the income that they generate, then the money paid to the players would not be available for the coaches. In all likelihood, the compensation of coaches would decrease.
As I’ve noted on several occasions, big-time college sports is an entertaining form of corruption. But if the institutions want to continue competing at that level, treating big-time college sports as a true business and compensating the players for the income they generate sure seems like a more honest way to approach it.