According to ESPN's Eamonn Brennan the answer is yes:

If Kentucky were to give all 442 of its non-revenue-producing student athletes an extra $2,666 per year, it would cost the university an additional $1,178,372 annually. When you count football players and basketball players, you add another 150 student-athletes and the total outlay rises to $1,444,972.

That number is well within reach of UK's budget revenue which is expected to reach $83+ million next year.

Articles such as this continue to proliferate and, IMO, are portent of the paradigm shift of thought concerning the whole student athlete as amateur concept.