What can they do, if the boosters are willing to just continue to up the ante. Talk about separating folks from their money.
Of course, nobody's dumb enough to pay this dude 20M, except maybe 57strat.
Separate NIL from capped revenue share through the school. All outside deals (including NIL or traditional marketing) must be reviewed by 3rd party and any compensation more than FV of the cash flow a player's actual name, image, and likeness actually generates is considered extra direct compensation above and beyond the capped revenue through the school and player is deemed ineligible (or the school gets fined). Any undisclosed deals later discovered and a player is ineligible (or the school gets fined).
If the NFL can establish a salary cap system - so can college. Will it be hard to enforce with folks skirting the rules? Yes. Does that mean we should let chaos continue until players quit every week until their demands are met. No.