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it's already a semi pro sport by jt
as to most of the rest of your questions, I would imagine that a collectively bargained solution is the answer there; schools could require things like GPA, class attendance, maximum amount of eligibility, etc. in exchange for some form(s) of compensation. At least, that's how it has been explained to me.
As to the relative immaturity of many of these players, I don't see a remedy there. Perhaps allow for representation? What do they do with child actors? I don't think that the answer lies within restricting earning power.
I don't think that any of this is good for the game, the fans, etc. I think that there was a path to avoiding all of this years ago, and certain schools and programs had an opportunity to lead that was passed by in favor of more TV revenue, the facilities arms race, etc.