The goal is achieve a few things, in my opinion.
1.) Keep college sports as the official pipeline into the professional leagues.
2.) Maintain academic integrity.
3.) Reward athletes who generate millions of dollars for their schools.
Your suggestion violates #1. If it became mainstream for all the best players to go to Italy that would hurt college basketball. It would hurt the schools. They would sell less tickets. They would have fewer fans. They would sell fewer jerseys, posters, etc.
What is the difference between watching Kentucky and Duke play vs watching Tulsa and ORU play? The quality of player, of course. The reason "mid major" schools don't fill the seats in football or basketball is because their players aren't as good and it is therefore less fun to watch.
If Tulsa pulled in a Kentucky-quality recruiting class next year they would fill the seats and generate national interest from ESPN, etc. All of which results in revenue.
If this premise is true, then it is the player that is generating revenue for the school. If Kentucky put the exact same team that ORU has on the floor next year, not even Ashley Judd would show up. If the quality of player is responsible for the revenue stream, they are entitled to profit in one way or another from that.
Free school and a dorm room is not sufficient compensation. A lot of these guys are broke, and other people are profiting millions from their ability.
And, it won't be equal. Suzy from the equestrian team will not make any money, because she doesnt generate any. The 4th string nose-tackle will not make any money. But if you are a star and Nike wants to put you in a commercial, damn right you should be able to do that. If you are Cam Newton at Auburn and Body Armour wants to release a new shoe called "Body Armour Cam Newtons", you sign a million dollar deal and move on.