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Back "in the day", players had a mandatory redshirt year (freshman football), played three years, and then either went pro or were done with football. We are seeing a reversion to something more like that model. Back then, after playing two years of (not freshman) football, players pretty much knew if the had a future in pro football. If they didn't, playing the third year was often not attractive. Lots of guys wanted to give up football and move on. However, having the scholarship was either necessary or very convenient, so they played the third year, graduated, and moved on with life.
Today, we have a similar situation but with some different parameters. If you are a really good player, everything moves up a year. you play your three years of "real" football and go pro. If you are a more "normal" player, you redshirt a year, then play your two years. If you improve enough, you can go pro. If you either don't want a pro career, or aren't good enough, you are in the same situation guys were back in the day. You play because you need/want the scholarship. That may/may not be coupled with a real desire to play football, but you pretty much know you are done when you graduate, just like "back in the day".
The difference today is that the players who redshirted can play another year post the year that they nominally would have graduated. While there are some players who want to do so, it is not as attractive as year three. You maybe needed the money for year three, and those were "your guys". If a pro career isn't available/desired after year three and you have graduated, it is at best a long shot you keep playing year four. Playing a fourth year after a redshirt should be regarded as an improbability. It happens, but don't count on it.
Getting a masters degree while playing another year of football isn't all that attractive. Finding summer classes that will count is hard and you don't want to take a big load during football season. You will have to cram a lot of classes into winter/spring. Lots of sequences start fall quarter, so that may just not work. It may be possible, but it is much less attractive than being just a student, especially if you will not be playing any more football. Some guys may benefit from taking five years to graduate. If you know your future isn't in playing football, there is no reason to continue to do so if you either have the money or can get financial aid for the fifth year. You are "done" soon anyway, so why take the risk and accept the limitations unless you absolutely must?
What I think we are seeing is a reversion to the previous structure. For most players, three years of football is all that they will play, either because they are good enough and go pro or because they graduate and move on. The main difference is that for really good players, those years may be their first three at Stanford, not the last three. Some guys will play four years, for their own reasons, but those guys will be rare. If college was generally designed to take five years, things might be a bit different. As it is currently designed, three years of football is probably all you can expect to get from anyone.