Is it relatively easy to ensure that these athletes receive only fair market value of their image, or is it almost guaranteed that the big program kids will receive inflated compensations for committing to a specific school over a competitor (eg. $10,000 from rich booster for an 8x10 photo)?

I don't have a better answer, but it is insane that schools benefit exclusively from the likeness/image of these athletes, and also indirectly at the box office, via TV rights fees, and donations. Meanwhile coach and staff salaries and facility investments continue to skyrocket.

I would prefer that a significant percentage of all profits from the revenue sports go into a fund for longterm health support, hardship support (both during and after their college tenure), and other benefits that would help those with the greatest need, but not sure that would be very popular and it would not fairly compensate the elite athletes.

and other people whose income we need to control.

In other words, you don't regulate it. People earn what they deserve; most people will end up with nothing for their image and likeness because it won't be worth anything.

Do you know what Marvin Miller's greatest fear was when he was negotiating for free agency (among other things) for the major league baseball players in the 1970's? His biggest fear was that the owners would just make every single MLB player a free agent after every year. And why is that? Because he knew that if every player was a free agent annually, only the very top players would get paid a lot and the bottom 2/3 of the players would be fighting for table scraps.

So by allowing the owners to "regulate" when players hit free agency, binding arbitration, etc. he was able to help drive up the salaries for all players.

Enhanced regulation is not the answer to any sort of problem you can come up with here, Pat.