I'll make the same post here as I made in the Unionization thread:
Before we get too far out in front of our skis on this, I would encourage you all to read the following, by sports law attorney and journalist Michael McCann:
While the fact sheet on NIL and Title IX compliance, issued Thursday, has attracted headlines, it's worth pausing to examine what it actually is.
www.sportico.com
"Dept. of Education’s NIL, Title IX Fact Sheet Deserves Scrutiny
There are persuasive arguments that Title IX ought to apply to distributions from the NCAA’s pending settlement to resolve the House, Carter and Hubbard antitrust litigations.
But just because the Department of Education says Title IX applies, according to a fact sheet issued Thursday, doesn’t make it so. The DoE’s Office of Civil Rights published the memo in the waning days of a presidential administration, and it is not a law, regulation, opinion, ruling or other document that shapes the law.
Agencies can, and do, promulgate regulations, which have the force of law. Regulations are borne through a multifaceted rule-making process, which includes opportunities for stakeholders and the public to weigh in on how an agency has interpreted a federal statute. Required procedures are detailed in the Administrative Procedure Act, and they entail public notice via publication in the Federal Register, followed by a comment and review period and then issuance of a final rule that can be challenged in court by opponents. In short, there’s a lengthy, public-facing process with regulations and rules. "
(bold emphasis mine)