I'm of a similar mindset as Mudge, although I'm not totally sold on point #3. Colleges are in fact serving as a minor league for the NBA and so many of these kids just don't belong there. Only a small percentage of the general American population goes to college (maybe 20%? 30%?) yet we expect 100% of basketball players to go there. How is it fair to expect that 100% of the people who want to play basketball for a living are eligible, able, and willing to attend an institute of higher learning? And I know some people will say that the purpose of college is to prepare someone for a job, and colleges are preparing these guys for the NBA, but if that's the case then why even make them go to class at all? Why not have "professional basketball player" be a major where all you do is practice? If I'm going to become a doctor or lawyer, I go to school to gain the knowledge and skills required to do these things. Yet we're taking people who want to become basketball players and putting them in programs that have no relevance to them just so that they can stay eligible to play. (Note that I'm talking about typical one-and-done type players here, not ALL b-ball players).
So IMO the solution to this problem from the NCAA's perspective is to institute stricter admissions and eligibility requirements. Have a rule that an incoming player has to meet academic standards that are within a certain percentile of the school's general student population. Require them to take a full courseload and to maintain more than just a passing GPA. If a player can't meet these requirements, then he doesn't belong in school in the first place and certainly doesn't deserve to be given a scholarship. This would bring some integrity to college sports and make it so that "student athlete" is no longer an oxymoron.