http://www.ncaa.org/sites/default/files/NCAA_FS_2012-13_V1%20DOC1006715.pdf
Absolutely false that the NCAA makes billions off of these kids. According to the publicly audited financials of the NCAA, they made about $60 million for the year ended 2013.
While they did make $722 million in revenues from Television and marketing fees, with an additional $108 million in tournament income. They also distributed $526 million to D1 schools, and surprisingly, the tournaments cost the NCAA $92 million.
Overall, they have assets of $627 million, but that has built up over years.
While O'Bannon has won, I would not be surprised if his judgement is similar to the USFL.