I have been trying to think through this, I think Leach made a great point at Media Days. We have to make a clear definition of what is a student athlete and what is a professional.
It's time to just make the players employees. Give them benefits, vacation, retirement and a reasonable salary. At that point conferences and universities can create salary caps, minimum and maximum wages, etc. Make it fair. Let them form a union if they do choose.
I'm not certain how it applies with the recent NIL ruling, but in an employee and employer relationship, I am pretty sure the schools could regulate any outside endorsement activity and NIL monies through something like this...
For example, a starting QB in the SEC has a maximum salary of $150k/year plus room board etc. Conditions of continued employment are going to class and not making outside endorsement deals or agreements that are greater than $10k. Because a large portion of your salary is compensation for the use of your name image and likeness. Basically no moonlighting, because by signing the employment contract you are giving us control of your NIL for your employment duration.
I'll let you legal eagles pick the corn out of the **** I just took with this, but I don't think we are going to like the next 2-4 years of college athletics until this gets worked out.