What's The Method To March Madness?

It is a bit bizarre—the spectacle of a sports-obsessed nation fervently cheering for chaos and underdogs for roughly a month. We don't talk much about brackets the rest of the year. We don't use the term "Cinderella" much in the other months either.  

I don't have strong feelings about March Madness. I love sports. I like social gambling. But there is something distasteful about the state of college sports. There's so much money in it; there wouldn't be if college wasn't the (often mandatory) stepping stone to the professional ranks. Which is why it's odd that the (revenue-generating) players don't get paid.

Are scholarships sufficient compensation? Do the degrees those scholarships pay for really prepare the athlete for life outside of competition? Is it ethical for coaches, ADs, and other administrators to be paid well, if not really well, for the athletes' performances?  I thought John Oliver raised a number of interesting points. It's well worth the 20 minutes.