There is no cap. That $600 figure is the threshold for review.
As schools prepare to pay college athletes for the use of their name, image and likeness, details of proposed NIL contracts have been revealed.
www.usatoday.com
"Wilken granted preliminary approval to the proposed settlements in October. She is set to hold a final-approval hearing on April 7 concerning the agreements, which would include nearly $2.8 billion in damages that would go to current and former athletes over 10 years. They also would allow Division I schools to start paying athletes directly for use of their name, image and likeness (NIL) during the 2025-26 school year, subject to a per-school cap that would increase over time and be based on a percentage of certain athletics revenues."
You may be talking about this article and the paragraph I've italicized above. I don't like how its written. The cap the author refers to is the payment directly from schools--thats the $20.5M revenue piece thats going directly from schools to the athletes.
The NIL piece, between third parties and athletes, is a separate and distinct piece that is subject to Deloitte review. There is no cap on that.