Most college athletes already have a very strong benefit in the form of a full or partial scholarship to the school. However, if they are competing without a scholarship then they should at least be given some small amount of compensation. However, this provision could end up getting out of hand, so it must be controlled tightly.
No, college athletes should not receive gifts and benefits as receiving such for good sporting performance may increase the athlete's ego to the point that s/he sees no purpose in his/her academic studies. The purpose of school is to educate, and while sports are a part of that education, so are traditional academics.