Steven OIenick explains key market drivers for the NIL, and how money is coming into college sports. “Right now, it’s kind of the Wild, Wild West,” he says, but emphasizes that money is coming in “through the front door” instead of the “back door.” Changing rules about compensating student athletes have changed the dynamics significantly, along with sports betting. He speculates on how private equity will interact with donors and what kind of disparity there could be between team budgets.

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