It's not like by unionizing the student-athletes will somehow be able to start extracting huge payouts from the universities. Clearly that would, as many here have said, kill college athletics.
What you'll see is some negotiated settlement / collective bargaining agreement along the following lines:
* 4-year, guaranteed scholarships
* Stipend for games played ($500?)
* End to restrictions on selling merchandise, autographs, or endorsements
* Some paltry amount for using image and likeness, to be paid by video game companies, et al into some sort of player trust fund where each player receives credits based on some criteria
Just to put this in perspective, let's say that each player who dresses for a game gets $500. That's $6000 per season, or 3 times what the NCAA has floated. Nowlet's say that 105 players dress -- that only comes out to $630,000 in additional costs per season.
Notre Dame spends about $25 million per year on its football team, so that represents about a 2.5% increase in operating expenditures. At Northwestern, they spend about $16 million per year, so that's about a 4% increase.
Now, obviously that hurts the bottom line, but that extra expense is hardly something that is going to bankrupt the program.