If it were up to me, I would make it a requirement that NIL money would have to go into an account that was managed by the school. The school would then distribute that money as they determine. Companies could not pay an athlete directly. Also, there would be a spending cap much like the pro leagues. So, companies could still use name, image, likeness of a player but the payout would have to go through the school, mostly for accounting purposes to make sure they're staying under the cap.

I would revise the transfer portal so that players could only transfer every two years.