The business of college athletics is booming with no indication of slowing down. From administrators at the NCAA to school officials to television companies, college athletics has never been more profitable.

But it seems the only ones who aren’t profiting from the industry are the athletes themselves. It is time for that to change.

Schools share in the wealth

Marc Edelman, a professor at the Zicklin School of Business, wrote in a story for Forbes that the University of Alabama reported $143.3 million in athletic revenue in 2013. With this revenue, Alabama paid football coach Nick Saban a $7 million annual salary.

The average salary of a head football coach at a Power Five conference school was $2.05 million in 2012. In 40 out of 50 states, the highest paid public official is a state university’s head football or men’s basketball coach.

While the NCAA, television companies and schools make lots of money from college athletics, athletes do not.

Most groups involved in college athletics, such as the ones mentioned above, are treated fairly. But for the athletes, life seems unnecessarily cruel since they are not paid.

Andrew Zimbalist, an economics professor at Smith College and author of “Unpaid Professionals,” was quoted in a USA Today story saying the compensation for a big-time men’s basketball player can be calculated by multiplying tuition by graduation rate, which is, according to the NCAA, 66 percent. Next, add room and board expenses. For most schools, this would be a total compensation amount of less than $20,000 a year.

A joint study between the National College Players Association and the Drexel University Department of Sport Management found the average big-time college athlete lives below the federal poverty line. The study also said the NCAA and its member schools have prohibited a free market from existing, which actively contributes to a black market in college athletics.

Although the word “scholarship” means the players are not paying for their education, a free education is nonexistent.

Athletes struggle

Typical Division I college athletes dedicate 43.3 hours per week to their sport, according to Edelman. This is more than the average American works in a week.

An athlete’s time commitment includes optional workouts during the offseason. These workouts are supposed to be optional because some athletes have other commitments.

Essentially, every workout is mandatory for the athletes.

Another difficult situation for student-athletes is classwork. They spend all their time playing and practicing during the week, but they also have class and homework.

During the season, the athletic schedule requires every student-athlete to miss classes for road games. Balancing classes and a sport is incredibly difficult.

And some college athletes have to balance more than just their own lives.

On March 4, Matt Norlander of CBSSports.com wrote a story on Division I men’s basketball players who have children. According to one story, many athletes struggle to provide financial support for and spend time with their children. Baylor University’s Rico Gathers reported that he, his wife and their nine-month-old son live on $15,000 annually, which includes government assistance in the form of food stamps.

Creating a level playing field

In college athletics, the coaches and school administrators are living lavish lifestyles compared to players. NCAA administrators are making eight or nine figures a year. Television companies are making billions.

The ones actually playing the game are getting next to nothing for their work, and it is beyond time for that to change.