This is something that Rick Telander posited in his book "The Hundred Yard Lie" back in 1989:
Let's just end the charade that major-college football and men's basketball at the top 100 universities has anything to do with academics. Make the NFL and NBA pay for the development of these players, and give the players vouchers to attend school now or after their playing careers are done. You can still have a team called the "Nebraska Cornhuskers" playing at PBA or Memorial Stadium, but the players aren't necessarily students at the local university. They're apprentices learning how to play professional basketball or football, earning a stipend ($50,000 per year?) to do so, and moving up to the big time (or moving back to the real world/school with the rest of us) when they prove ready. True "college" football and basketball would be played at what are now the mid-majors, FCS and lower-division schools.