I don't think this is stupid at all. You don't think the NCAA profited from putting Tebow on the cover of NCAA last year? They aren't idiots, they are putting the athlete on the cover that they think will help them sell the most copies so they are most certainly financially benefiting from that persons likeness, and that's just the cover athelte. I can't think of another situation in this country in which you can profit from someone elses likeness and NOT compensate them. It will be interesting to see if there is some sort of waiver allowing that or waiving thier financial intereste in everything in something they sign when they get their scholarship.
The real question of this might become "how do you share the revenue?". With a hundred teams, and 80 players on each do you just give all 800 players the same percentage? Tebow is certainly worth more than the back up punter for the clownies, but do you pay them all the same?
I'm interested to see where this goes.