The plaintiffs in Johnson v. NCAA – former Villanova football player Trey Johnson and other Division I athletes – are asking that athletes be deemed employees subject to the FLSA. That requires covered employees to be paid minimum wage and overtime pay, much like non-athletes at colleges who participate in work-study programs.
That is FCS Villanova for those that think this won't apply to Indiana State football.

U.S. appeals court leaves open possibility of college athletes being deemed employees
A three-judge federal panel has left open the possibility of college athletes being considered employees of their schools.