You think UT can pay a larger number of players 5M each? Based on my quick google search there are approximately 700 student athletes at UT. If they paid then each of them 100K, that is 70M per year. The total revenue for the AD, before expenses, at UTK last year was just 234M. That is before coaching staff salaries, event staff, facilities upkeep, travel and training expenses, gear, uniforms, etc.
While yes there is a lot of money generated from the TV deals, companies like ESPN, the SEC network, ABC etc. also have expenses to pay - that money disappears quickly just on expenses needed to bring those events to the public. And then you have the dollars promised to the schools being divided by 16.
The majority of these students will not get rich on what the school can afford to give them under the revenue sharing portion of this and still be able to support the program that generates the revenue. NIL will still be their avenue to generate money. And that part will continue to be dictated by the "market value" of the individual player. And that market value will be determined by the $$'s said player can generate for those companies that support NIL.
Most of these players will NOT get rich. Most of these players will NOT play at the professional level. If they are being advised correctly, they will know the importance of taking advantage of the educational opportunities.
I believe that some focus only on the exception ... the Nico if you will ... and forget that only a few will reach the status to command 5M a year.