I'd imagine this has Title IX ramifications as well? I don't see a way around schools paying football and men's basketball players and not equally paying athletes in women's sports, right? I realize this is referring to names and likenesses only for those two sports, but it's a good question. I can't imagine the female athletes aren't going to be pissed the men get at least a $20K trust fund when they graduate while the ladies work just as hard and get nothing. The problem is that female athletes aren't generally going to generate as much income from NILs, yet Title IX explicitly forbids men from getting advantages that women aren't offered.
I really don't see how this ends well for either smaller schools or non-revenue-generating sports. Ironically, it's going to deprive a shit-ton kids who actually want an education and a degree by way of an athletic scholarship from getting that education, because the elite few who are only in college to get paid for playing are sucking up the athletic department funds.
This (and athletes getting paid in general) is going to hurt college sports and athletes far, far more than help them. A ton of sports are going to get dropped by a ton of schools in service to basketball and football. Say goodbye to a huge number of programs across the country: baseball, hockey, rugby, men's soccer, golf, wrestling, tennis, volleyball, cross country, track, fencing, field hockey, lacrosse, swimming and diving, rowing/crew, skiing, gymnastics, equestrian, water polo, rifle and bowling. Not every school will drop every one, but a good number of schools will. Athletes will have fewer and fewer opportunities to go to college on a scholarship, unless they are an elite basketball or football player, or a woman playing basketball, soccer or softball (likely the strongest women's sports). Women will have more sports to choose from, but as discussed earlier, women tend not to earn much for a university.
Alternatively, even more schools will drop football, meaning a bunch of boys who can't play basketball so they turned to football in hopes of scoring one of the few athletic scholarship opportunities available to them will have even fewer chances to get one.
Ultimately, I think this is bad for collegiate athletes and American sports in general. I don't think schools should be allowed to earn millions on the backs of uncompensated athletes, but I also don't want to destroy college athletics for the vast majority of the student-athletes, the ones that lack the ability, the desire and/or the genitals to play football or men's basketball.