This is up to each individual school but every school that I'm aware of will honor the scholarship in the event of a career ending injury; they may still require involvement in the program in other ways. Again, this a small fraction of the 1% that any of those would even apply to.
I understand that I (and the NCAA) will likely be on the losing side of this argument but it doesn't make it right. As pointed out earlier, the school owns the jersey, so is the athlete going to split the revenue with the school? How much do they think they'll really make? There is a small handful that will make serious money; most won't. And what does this mean in terms of scholarship dollars? If they can earn more through endorsements, then perhaps their scholarship allotment should be reduced or even eliminated if they earn over a certain amount. Again, if you want to earn money/be the big dog, then go pro. Otherwise your job is to be a student-athlete, with the emphasis on the first part.
In many ways, the argument is no different than it is for many of us. Most employers, unless self employed, make a lot more money off our efforts than we do in salary. Are we entitled to those "extra" earnings they make from our efforts? No, not really.