Being compensated in kind with housing, food, and education (not to mention significant "grants" from boosters clubs and brand deals) is not the same as wage theft and it is verbal slight of hand to suggest otherwise.
If the players aren't employed by their teams, provided with healthcare and pensions and all the rest, then it absolutely is. The NCAA (for revenue sports) is a scam and everyone involved with any of it is morally bankrupt.
That only applies to scholarship athletes. Walk-ons get no such benefits. They're working for free while their school is pulling in $60+ million a year in TV money to watch them play and the head coach is making 7 figures