Actually, I think there should be minor leagues for all sports, just like Baseball. Plenty of kids skip college to play minor league baseball. I like the idea of a trust, because it will force them to complete their education unless they are in the upper 1% that will go pro. Le Bron is one in a million. Most student athletes that dream of a career in professional sports are just dreaming. Get the education, as a backup. If they are so hot, that they are turning pro early, they don't need the money in the trust fund anyway.
Not a bad idea, except that the graduation requirement opens up a number of possible complications. For instance, presuming that the amount of of money is substantial, it would put rather a lot of pressure on some professors to compromise their requirements for giving a student a "pass." Longer-term, the whole NCAA set-up will probably turn out to be insustainable, and the restrictive form of NCAA amateurism will go the way of Olympic amateurism.
As if professors aren't now under pressure to "pass" marginal student athletes to ensure their continued eligibility.