Where these things are falling apart are kids are promised some amount during the recruitment process. Then once committed they sign a contract with the collective. When pen comes to paper, the amounts are less than promised. Sounds like the donor may have backed out in this case. So the amount is now lower. So the kid wants out of his LOI and collective out of contract. Maybe we are witnessing the first lawsuit regarding NIL. It’s coming at some point.
the lawsuit would be player v the NIL organization where he has the agreement. he would seek remedy as performance under the agreement from the NIL organization. if he has a real contract, then he could win. Not sure what the NIL organization would use as defense, other than something that suggests there was no contract.
the player also seeks to void his contract with UF under the LOI. it appears he wants to argue that the NIL agreement impacts the validity of the LOI. to do that, he would have to argue that either UF is an open 3rd party beneficiary to the NIL deal, or even more drastic was directly part of the negotiation of the NIL agreement.
Lawsuits like this would put a lot in the public eye, and it would determine if the NCAA would actually take action. It might also bring into the open issues of whether the NIL organizations are actually handling $$$ with players in a way that brings the FBI, IRS, etc into the discussion.
If this goes to court, it could actually help lead to improvements. UF would likely not want this to ever get into a court, but it would be great theater. As many have said, they are likely to want to let him out of the LOI. I am not sure if UF on its own can cancel the LOI, or does this also involve the NCAA?