I would watch college football if you took the top 500 recruits out of every single recruiting class. Just like I watch non revenue sports, with no regard to the individual players. The school brand, the tradition, the rivalry makes the fans. They individually have next to zero impact on my contribution to the profit margin of the NCAA. I would watch Miami vs FSU if it was 100% non scholarship club football.
The compensation is very good, especially those that go to a private school. You get free room and board, an education, and an opportunity to showcase your talent to make millions at the next level. As has been mentioned, if the deal doesn't seem good to the students, nobody is forcing them to take it. They could just get straight a's and take on college loans like the rest of us to go to the school of their choice.