I think the idea of amateurism is beautiful and worth saving. The only other alternative, IMHO, is the NFL or variants of it. And to be honest, I don't get a lot of joy watching players play for money. In fact, much of what I don't like about the pro game is the result of its commercialism (eg, protect the QB so we can have more downfield passing). But it goes far beyond play-calling — it's a question of attitude, purpose, outlook, etc. The pro game is missing the Roddy Joneses and the Justin Thomases — players who do what they love, not what is most remunerative.
So where we are now in the NCAA is the result of trying to preserve that spirit, while also dealing with the reality that these players create hugely entertaining moments that millions are passionate about — ie, there's a huge economic demand for their skills. If we allow the economic incentive to dominate, we'll lose the spirit that makes amateur athletics so much more fun. How do we balance these elements?
I think the NCAA's current rules are actually pretty good. Players — roughly 95% of whom will not even get drafted, much less retained, much less make a career out of playing football professionally — get a free education and meals and lodging, they get treated really well, they learn important life skills, they get cool water slides, etc. The players that do contribute disproportionately to a team's success... are also the players that are more likely to get drafted. So those players get the benefit of the collegiate system for the free exposure and training they need to make an impression on GM's and scouts. They get the benefit of TV contracts, press conferences, fanbases, institutional loyalty, etc. — none of which they did anything to create.
In short, players graduate from HS and step into a ready-made world that (a) for those that have an arguable chance at the NFL, provides them with the training, experience, promotion, etc., that they need have a chance, and that (b) for those that don't have an arguable chance at the NFL, provides them with free room, board, education, tutoring, job skills, water slides, etc. That strikes me as a good deal for everyone involved, especially since it is very difficult to tell at the time of matriculation whether a player falls into one category or the other (one of meany reasons why it would be difficult if not impossible to pull the hopeful pros out of the bulk of true amateurs to start a professional minor league).
And most importantly, it is all freely chosen, both by the schools and by the players.