I say hell no. Yeah, they already have to work hard to keep up with everything, but academically they're already being babied more than enough. I have a degree from the College of Engineering at UW. I had one D thanks to a group project that was 60% of the final grade. First guy in my group dropped the class, which wouldn't have been bad if the other kid hadn't been a certain (then) senior star DE who shall remain unnamed. Guess how much work he did on our project despite all the stuff he was assigned to do? ZERO. He showed up to ONE meeting all semester. I'm assuming he retook the class - something I couldn't do, since I was graduating. And no, the professor said "no excuses," so I had no choice in the matter.
As a transfer student who only had like 80 credits at UW, 4 credits' worth of D will affect your GPA quite a bit. Good thing I decided against grad school against my advisor's wishes.
Was this an isolated incident? No.
I seriously don't believe for a second that a football player works harder than the average student in Engineering (the only department I have real experience of). I knew plenty of kids who had to put in 40-50 hours a week of studying just to pass their classes. Then they had jobs on top of that to try and pay their way through school. The part about students not pulling in money to the schools is BS as well - plenty of students participate in research projects sponsored by companies like GE, HP, Intel, etc., and those are worth millions per semester for a single department.
Seriously, it's voluntary to play sports in college. I played club sports and loved just doing it for the team experience. Sure it was a million times more relaxed, but on the flip side, my academic life was way more intense than certain football players'.