S.C. OrangeMan
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I think what would occur here, if it followed a similar model to the regulations I am talking about, would be that the NCAA could adopt some rules by-laws prohibiting blatant pay for play and requiring that any compensation for NIL to be fair market value, that's what they do with doctors except with doctors it's prohibiting "pay for referrals" instead of pay for play.
The NCAA could set up some rules along this line that would probably pass legal muster, like I said there is considerable precedent, and say these are our rules, and if you don't follow them, you're ineligible, it doesn't mean you can't make money, but if you don't want to be restricted to fair market value and abide by these rules regarding improper incentives, then you can go play somewhere else. Who knows, a real minor league could pop up? The conferences could do the same thing also.
Again, either way, there needs to be amnesty for anything done to this point, because the NCAA has just completely whiffed on this to date and failed in its duty to provide any sort of order, and NIL deals which they view as "improper" under any new rules, should be grandfathered in if they were entered into up to this point.
The market, not the NCAA, decides what fair market value actually is.