Generally, almost all professional sports leagues have rules in place for competitive balance of some kind.
College football has nothing, and there is almost no oversight left, since the NCAA, under Emmert, has let the inmates (the
money and power hungry conferences) run the asylum.
Kids deserve a stipend of some sort, but, once they get one, you aren't an amateur league anymore, you are a professional one, and you probably want to make sure everyone is playing by a standard set of rules.
College football is really at the wild west stage, which sounds fun, until you realize that competitive balance gets all out of whack.