Well. Arnie, part of the appeal comes from having a college or university that's close to your sporting "heart" (ie. you attended that school or you grew up a fan of that team). For me, much of the appeal comes from watching these kids put their blood, sweat, and tears in to their sport, focusing on the TEAM aspect of the game. You don't have high-paid prima donnas who make more than their coaches. You've got kids playing at a very high level for the love of the game (and, yes, that paycheck that waits in the pro levels).
College basketball offers more than pro basketball in terms of pure entertainment. The slightly longer shot clock gives teams a chance to actually set up plays and use old school strategies like presses and zones. March Madness -- 'nuff said. College football has teams with tradition, stadiums without advertising, marching bands that work their asses off to put on a halftime show, 100,000 screaming fans wearing their school's colors, and, yes, hot cheerleaders that are over eighteen years of age.
College sports may not be for everbody, but it has a lot to offer.