It is hyperbolic at minimum, and borderline insane in reality, to compare the situation college athletes are in versus actual victims of slavery and human trafficking.
College athletes are in a bad business deal, with schools using scholarship contracts to deprive them of the full value of their labor in the free market. Examples of other onerous contractual provisions in the employment context are broadly construed assignment of invention and non-competition clauses. Some employers also use their unequal bargaining power to force potential employees to sign overly broad NDAs, that cover matters far afield from trade secrets or proprietary client or company information.
Bad business deals, although unfair in many ways, are still not slavery. The good news is that players will be getting a better deal and a cut of lucrative TV contracts. The downside is that the current NCAA framework is likely unsustainable in the long run. Programs will need to operate more like school affiliated professional club teams, with all that that entails.
I also agree that as we have known it, college sports are fundamentally on life support.