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It's not an employee/employer relationship. Never the less, certain rules are in place in order to be part of the program. I don't think that members of the dance team or cheerleaders are allowed to have visible tattoos in their programs. Maybe the LVs as well.
My only issue is that this opens the door to transform college sports, especially football, from from amateur competition to minor league professional sports. It will be even more money driven. IMO the biggest changes do need to be made with how the revenue is being distributed. Way too much has gone into Fulmer's pocket, Butch's pocket, Dooley's pocket, etc. and more should go into player welfare (long term health care primarily) and when there are surpluses more amenities for fans and school facilities for everybody. It's fine to allow SAs to make something off of their likeness IF it wouldn't be corrupted by boosters going after a competitive advantage (by buying players).
It’s already incredibly money driven as it is. They created the playoff and expanded to 68 tourney teams to make more money.