What bothers me the most is that these players will only go to one semester of classes. If they declare they will have the tournament in march then start pre-draft workouts. That is what makes the one and done a sham, take a cupcake and light first semester, work for max 5 weeks in the spring and fail out. That is not collegiate sports. I wish the NBA would do what football did and make it 3 years. If a player want to go pro and not go to college there is always overseas.
You're right, collegiate sports is making millions and even up to billions of dollars in major collegiate athletics and making sure none of it trickles down to the students who made them money. Hell, they used to sell the rights of student athletes to EA Sports and 2K Sports to create video games based on the likenesses of student athletes.
They are being exploited, and these athletes (albeit an incredibly small number) are exploiting the system. Shoe works both way. I'd say the student athletes who are engaging in what you are talking about is such a small number that it has no effect on the system. Further, you mention Calipari and Kentucky, but neglect to mention that their graduation rate for their players that stay was 89%, Wisconsin's (who doesn't have one and dones) was 40%.
Don't give me this sanctimonious approach that Calipari, Kentucky and all the other one and dones are ruining collegiate athletics. It's silly.