Aren't they conspiring to commit fraud? Although it would delve into legal areas that probably aren't well defined, I'm sure someone could find something illegal with their arrangement considering their actions impact other legal contracts (i.e. Television).
First of all, you would have to make the case that the NCAA eligibility of the players involved in a marketed sporting event is material to the inducement of the associated contracts. I don't think that passes the straight face test to anyone with a working knowledge of the history of college sports.
And second, you have a parties problem there. As we know, the players don't make a dime off of the financial arrangements surrounding the sports they play. They can't defraud CBS and ESPN, they aren't in a financial relationship with them.
I'm sure there are a great many players receiving money above the gift threshold, and although not cost effective to pursue every case, going after a few a year could limit the practice.
That was kind of the theory behind the War on Drugs, as well as NCAA enforcement cases now. Start locking some people up and the rest will fall in line. That's not really how human nature works.
And also, I bet you there are an extremely small number of players exceeding the gift threshold. People see a player driving around in a Lamborghini or whatever and think that boosters are just handing out $200,000 cars. Car dealers don't like college basketball THAT much. They'll just let a player take the car out for night, that sort of thing.
Think about the Ohio State tattoo case. For one, tattooing is a service with a massive markup, the tattoo parlor isn't out anywhere near the quoted values of that ink, for two, having tOSU football players wearing your art and hanging around your shop is the best kind of viral marketing, it's the kind of thing celebrities of all stripes are given for free or even paid to use, and for three, despite both of those things, the shop got a ton of valuable merchandise in return.
Now, there are boosters who go around giving out cash to recruits, players and their families (
I can't recommend this article highly enough if you're interested in how this works), but we're talking about smaller amounts of money, all in cash, and rarely all at once. Good luck prosecuting that after the fact, even with the resources and subpoena power of government. Under-the-table informal cash arrangements that are unrelated to criminal activity have enjoyed a de facto exemption from the taxman as long as there has been a taxman.
As I said previously, criminal justice is a system of allocation of limited resources. NCAA enforcement is the same thing. If we want revenue generating major college sports to be played "by the rules", ultimately the only choice is to change what "the rules" are.