While I agree there is really no reason to restrict college athletes from betting on professional sports, again the biggest issue seems to be betting on Iowa sports. I assume that’s the reason some guys did NOT have a full season of eligibility taken from them. Has anyone lost more than a season? That could be a bit harsh depending on the allegations.
Sure, the NCAA likes the money from the gambling companies. But they don’t want to risk their sports being compromised, so they restrict their athletes from betting on them, and it makes sense to prohibit the entire athletic department considering the likelihood of knowing other athletes. The NFL does similar with rules against players sharing non-public information, as well as things like rules against office staff members betting even though they don’t have any impact on the outcome of the game.