It seems dicey this will happen because the player’s association has to be on board with it and they probably aren’t. It worked out last time because they were already negotiating the collective bargaining agreement and they made the one year rule concession in return for some other things.
That said, I like the rule and the NBA does too. It gives an extra year to weed out some flash in the pan types that might have been drafted far too high for their true skills. It puts better players in the college game, if even for a short time. It also exposes good players to rabid fan bases that can adopt them before they go pro, thus growing a potential NBA fan base. For example, once Kevin Love is drafted by (hypothetically) the Indiana Pacers, a big chunk of UCLA fans will have a heightened interest in the Pacers that never would have existed previously.
As for making a mockery of the student-athlete label, the goal of college is to improve yourself enough to find a job doing what you enjoy and are good at. If the opportunity to make $3 million per year after one year of college presents itself, anyone would be a fool to pass that up whether it’s in computer programming, early childhood education, or basketball. College will always be there, the opportunity to vastly improve your monetary lot in life will not. And, an idiot that can’t handle the money and lifestyle in the NBA and flames out, is probably just as likely to be an idiot in college and lose out there also.
If my child had the opportunity to have a guaranteed 3 years of income of at least $2.3 million with a high likelihood of ever-growing income in years 4 and beyond, then he and I would both be fools for passing that up.
Worst case, he goes pro. He gets the 3 year contract and absolutely stinks it up. He has earned around $2 million after taxes. Add in minor endorsement money, perks, etc. Tack on 5 years of overseas play at $300,000 per and we’d have a 28 year old with at least a million in the bank, life experience, world travel, some level of fame, and a lot of doors opened to future work just based on playing a game for a few years. Go back to school and get a degree, get a job in basketball somewhere, or go straight to work doing something you enjoy. There are a bunch of kids that get a conventional four year degree, work or piddle around until they are 28 and have no money, work in a dead end job, and start all over with nothing at that point.
I’d choose the road with the much higher upside and the much higher downside.