Say you and your buddy are boosters who want to pay a player, which of course is illegal per NCAA rules. You make a product that includes that player's likeness. Maybe you make a jersey with that player's number on it. I'm guessing that in order to sell that jersey, you need to pay for rights to the university and to the NCAA. But you've become extremely wealthy doing whatever, and can afford to pay them. Your buddy says to you, "Hey - I REALLY like that jersey. I'll give you $100,000 for that jersey." So you sell him the jersey for $100,000. It cost you $10 to make it, plus, let's say, $9,990 to the NCAA and the university and to anyone else you need to in order for this to be legal. Now, you can say, "Since it's this dude's likeness, I need to pay him, too." You could give him the $90,000 profit.
I'm not sure which side of this issue I'm on. It will be interesting to see what Title IX has to say about this..