Regulations hold. Revenue share is what the AD can spend. It also will bring more NIL governance into the college. Schools even if they have a $180 M budget are capped at 22% or 21.5 M. That leads to a bit of parity. Fair market value “true NIL” is under development which also can bring some rationale to the market and they can’t spend Willy Nilly unless it true market value to business. Current NIL — where top donors are flogged or businesses huck money at them — isn’t sustainable. Neither is the agency model. It will change dramatically over the next couple of years.