They have, and there are a few bills that have been introduced. From my standpoint, though, I am not sure enough of them are talking to the right people to understand what is really happening and the problems it is really creating.
I might be wrong, but I see a few possibilities, even absent Congressional action:
1. The market will settle. We are hearing of a lot of crazy deals, but, with those payments, comes a huge pressure to win. There are certainly exceptions, but most people have trouble remaining rich when they are complete idiots with their money. Surely, some of them will lose their interest when they see their money isn’t buying the outcome they hope for. (We will still be behind a settled market, so this is only a small bit of help).
2. The IRS will get involved and slow down the “charitable” NIL programs. I still can’t understand how some of these groups set themselves up as 501(c)(3) charities with a straight face when the bulk of their money is going directly to players. I see no problem with a charity using players to promote its purpose, but, when the purpose is paying athletes and doing good is a minor side-show, I just don’t see that lasting. This would slow some things down.
3. The NCAA will fall apart. The gist of this legally is that the NCAA is a monopoly. A smaller association that is not in a monopoly position would, in theory, have the ability to enter into collective bargaining with athletes and impose rules along the lines of “you want to come to our league, you get a scholarship and $50k when you graduate, but we own all your NIL until you leave, and this is all you get.” This may sound nuts, but I think NIL could be the last straw for the NCAA in its current form.
