Teams would prefer to pay for housing + meals + equipment and all that, because when they sum it all up it comes out to far, far less than just paying the players an actual hourly wage. Most players stay with volunteer billets anyway - they get a stipend I believe, but nothing close to rent money.
The scholarship offer is decent I guess but tuition for most programs in Ontario is only something like $6500 per year, not even that lofty, and someone working full time for the duration of an entire hockey season could likely make about twice that, even at just minimum wage. Furthermore, the majority of players will never take the league up on this offer and the league knows it because, A) they are stupid athletes, and they are playing f***ing junior hockey without any compensation for the first two years of their post-secondary lives (three years if they play as an over-ager!), years when most people who will attend post-secondary school start.
Consider that a player needs to play from when they are 16 until they are 20 to earn a four year scholarship (four years in the league, assume they have an early birthday and turn 17 in year #1). This scholarship probably has a value of $28,000, but they have to sacrifice two years after high school to earn that full amount. Somebody else could enter the workforce completely unskilled after high school and make $42K before taxes in two years working for $11 an hour for 48 weeks a year.
At the end of the day, it is without question that the CHL has been "unjustly enriched" due to the social status of hockey in Canada which has allowed them to hold community glory and false promises over their players and get them to sign obviously disproportionate contracts. If a few teams are made not financially viable due to being forced to more fairly compensate their players, then the CHL will have to compensate for this by letting tiny market teams flop, raising ticket prices, and/or implementing some sort of revenue sharing program.
Teams like the London Knight f***ing rake in money, while paying their principle earners probably about half as much as a 15 year old Boston Pizza waitress makes per hour.
Another option for the CHL, if they lose a case like this and are made financially unviable, is to ask the NHL for assistance of some sort. They are basically an independent developmental system for the NHL, after all... just affiliate!