Eventually this will end up in court and one of two outcomes will happen:

1. NIL payments are a part of the educational opportunity of collegiate athletes, so in which case, duh! of course it applies. just like it does everywhere else, or
2. NIL payments are not an educational opportunity of collegiate athletes, which means they are compensation and a salary, which means the athletes cannot be compelled to be students

If they're not students, then the players are just talent meat for the NFL, which means it's not collegiate sport at all, but lower division minor league sport with some lawyer/oligarch logo on the jersey.