there may be pending lawsuits based on the 20 million, but it is certainly not why Donde went after them with Nico.
The NCAA was trying to implement a wage cap before. they got smacked down. and NIL opened wide, except for schools NIL deals. because they were capping the students pay from ANY source.
The NCAA as a part of a separate ruling is having to open up NIL for the schools as well. because they were saying that the schools couldn't pay.
now the schools can pay. and its not collusion because the NCAA didn't say at all what any one student could make. these students would have to prove that the 20 million dollar SCHOOL limit artificially caps their pay in a negative manner based on some form of collusion to prove its an anti-truss issue.
as you mention with market forces there is always a cap, I will never be paid eleven million dollars to do my job. doesn't matter where I go to work. same with the college players. the issue will be proving there is collusion to cap pay BELOW the market value. the market value for these players is still out there, beyond the NCAA's 20 million, nothing is capping that.
If Nico's value was 8 million dollars. and UT only gave him 1 million so they could pay all their other athletes, it would not be a competition, anti-trust issue. Because Nico is still able to go to that free market to make up the rest of that 8 million, or even more. UT may only pay 1 million, but Nico could make 25 million MORE on the open market, not school based, NIL. his pay isn't capped. the school's NIL payments are not a wage/salary. there is no collusion to set Nico's payment at only 1 million, because he isn't only getting paid 1 million dollars. he is still getting 8 million, 25 million or whatever.
it would be an issue if the NCAA tried to say the 20 million was the ONLY NIL that was allowed. but they aren't.