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I think maybe the player's desires have a little to do with this. You think Shaq could have had a NFL career based on his size and atheleticism? Sure. But I'd venture to guess he picked a sport that he wanted to pursue and I'd bet that decision was made by him more in early childhood than in...say... highschool or college.
So sure the NFL could exploit the height difference between receivers and cornerbacks and start recruiting basketball players out of college. But I think the NFL would only get those college players who weren't otherwise going to make the NBA. And sure there are a lot of those, but do they have the size, speed, and ability to take a hit without suffering a career ending injury? And do they want to play with a ball that isn't round?
In short there are lots of dynamics here that the "market" is more efficiently able to sort out than you or I.
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"Rust never sleeps"
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