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If the National Collegiate Athletic Association shared revenue with players the same way professional leagues do, the typical football and men's basketball players from Bowl Championship Series conferences would earn an average of more than $714,000 and $1.5 million, respectively, beyond their full scholarships over the four years between 2011-15.

And players on the top-10 revenue-generating basketball teams would earn another $3.5 million during that time, according to the new study from the National College Players Association and Ellen Staurowsky, a sport management professor at Drexel University.

The study found that while the average full scholarship for Football Bowl Series conference players is worth $23,000, football and men's basketball players have a "fair market value" of $137,000 and $289,000, respectively. It also found that the average full FBS scholarship fell an average $3,285 short of the full cost of attending college during the 2011-12 academic year.