I think that there should be no current compensation during a player's active career.
However, I do think that the best result would be the NCAA attempting to settle all suits by agreeing that Universities can purchase insurance policies for all athletes to pay for injury and to allow players to purchase additional coverage for fairly nominal rates (imagine a bloated-*** AFLAC duck). Also, agree that the players shall receive no compensation for utilization of their images while enrolled, but that the NCAA would be required to compensate players at the close of their eligibility for any sales of jerseys or NCAA logo material that incorporated their likeness or merchandise that clearly identifies the collegiate athlete (jerseys with their number or name attached).
That way when Ed O'Bannon finds out his likeness is being used on an all-time NCAA basketball video game, while he himself is working the car-lot, then he will entitled to expect royalty payments. And when currently enrolled player are getting high and doing 360 dunks on whatever game-system kids use these days, then they may expect to receive either future licensing fees paid by the NCAA and/or their alma mater or at least that they have subsidized loss of income/disability insurance.
Most likely the NCAA will just flip everyone off and decide to fight it out for a decade or so, however long they can drag it out.