At FSU, there's a split between the university, department, faculty, and student who came up with whatever. They have an office that deals with testing the market of whatever you create, and if you sign on with them, they'll take care of the leg work (you don't have much of an option). They were looking at one of the bioreactors i made, and i think to start off, as the student who designed it, i was in line for about 5% or so.
That being said, i'd agree more with the "4 years of tuition" if the players could cash it in later on in life. Lets face it. being a "student" athlete is a farce for big division 1 programs. It'd be much more useful for the 99% that don't make it to the pros if they could then go back and actually get a real education, not one in basket weaving.