The tax aspect is going to work itself out just fine.
The real issue is going to be in a couple of years when Johnny 5* QB goes to some blueblood with $500k in endorsements before he ever plays a snap. Then the (probably valid) question is going to be why an 18 year old freshmen should be expected to waste any time passing (or even attending) his Intro to Theater class when he already has more money than most actual college graduates will make in their first 7-8 years in the real world.
Then you’re going to see the academic requirements get challenged, they’ll go away, and all the major schools will just start creating football “degree programs” where they will earn credit hours for workouts, team meetings, film reviews, practices, and minor coursework like financial planning for athletes, intro to teaching / coaching, officiating, athletic training, etc. That’s the end game….university sponsored professional sports teams.