The NCAA generates a ton of money. As an earlier poster noted most of that goes back to the schools that make up the NCAA.
To me the more interesting issue is where that money comes from. The NCAA web site notes that the great majority of NCAA money comes from two sources. Over 90% comes from the Men's Basketball Championship:
http://www.ncaa.org/about/where-does-money-go.
Even more interesting is where the overwhelming majority of college sports revenue is generated. It comes from licensing rights, football ticket sales, conference revenue sharing and donations to the athletic departments in the form of donations required to purchase tickets:
http://www.businessinsider.com/schools-most-revenue-college-sports-2016-10
Let's face it - most money in college sports is generated by two groups of people, football and men's basketball players at the biggest programs. Yet those same players are prohibited from receiving any of that revenue. They get an education and receive a small stipend to compensate for the cost of going to school that is not covered by the scholarship. That's it.
Who gets the money? Conference commissioners get a lot of the money as they are the ones who sell the broadcasting rights for college sports broadcasts and it's football and mens basketball that generate most of that money:
https://www.washingtonpost.com/spor...b5145e8679a_story.html?utm_term=.16581798d949 . Emmert gets a pretty decent salary of almost $2 million:
https://www.usatoday.com/story/spor...a-mark-emmert-oliver-luck-salaries/101829110/. We all know coaches at the big time programs make good salaries. While their salaries do not come from athletic budgets, university presidents can justify larger salaries for themselves when university general revenue funds do not have to be used for athletics. That only happens at schools in the power 5 conferences.
All of these people have a reason to keep the athletes who generate the money from getting a share of it. Would Adidas pay Louisville the millions in licensing fees if it could instead pay athletes like Lamar Jackson to endorse their products? Would Nike pay Kentucky if it could go directly to the one-and-done du jour on their men's basketball team? NBA or NFL team don't get licensing fees from a shoe company. That money goes to the players in endorsement contracts.
This is America. If a student athlete wants to hire an agent why shouldn't he be allowed to do so? Why shouldn't Lamar Jackson get a cut of all the #8 Louisville football jerseys sold the last two years? Adidas got a cut. Louisville got a cut. Yet the person who did all the work that generated the demand got nothing.