The appeal was that they were amateurs.
No, that was never the case.
The appeal was and continues to be that they represent your college and fans live vicariously through them. Their success or failure on the field (or court) was your success or failure. Now obviously this doesn't apply to everyone, but it does for the passionate fan of college athletics.
You're right to a degree, but I don't think it's that easy. Nor does history really bear that out. The real appeal until recently was that they were part of the university in some meaningful way and not just employees. There was at least the facade of university life that the guys were going through. And it was part amateurism. They were big men on campuses, but they were also going through the same thing the other students were. Note I also said around '66 or so.
I'm thinking that somewhere in the mid '60s when society changed that college athletics really changed and the perks started to be paramount for the athletes and the whole spirit of the thing was different.
The drift in professional sports from the regular guy who lived on your block to the wealthy athlete that lived apart from you gave rise to the importance of college sports. The kids were now the relatable ones. I think it's this relatability that led to these billion dollar deals and this industry. And that the impulse of relatability is strained when the athlete is no longer relatable. And I think the cycle will begin again in college. Who can relate to a student earning four million dollars who has been to two other universities in the past two years? I can't be the only one to point this out.
And you can't tell me that in the fifties amateurism and being part of the student body wasn't a great deal of the pull or the attraction to college sports. Yes, there were the Ivies and cheer squads and student sections and all of that, but that's child's play compared to the utter hugeness of all of this.
It will eat itself to death.