If the NCAA wants to be in control...
Instead of collectives, every single school has an "account" with the NCAA, similar to a GoFundMe. Anyone can donate. It stands for the entire athletic department.
So, let's say that UT's fan base donates $5M to it's "account." UT's AD provides a financial report and the $5M is divided up to the players based on the percentage of revenue that each sport brings in. So, if football is 50% of revenue (example), then $2.5M is to be evenly divided between all 85 members of the football team. Every sport and athlete gets a cut, based off of the percentage of revenue they bring into the AD.
This is completely regulated by the NCAA and ensures that every player receives an equal piece of the revenue they generated, in exchange for the use of their NIL.
However, if a business like Brown Squirrel Furniture approaches Squirrel White and wants to use his NIL, he should also be able to pursue that opportunity and create and hold his own terms.
I don't know the legality of that, or what would need to change. But it could be transparent in the sense of "Oh, UT's fan base raised $5M last year and Alabama's only raised $3M," thereby letting recruits know the payout is likely higher at UT, although it is based on a year by year number.
I don't know. I just know what we are doing right now sucks. I'd love for players to be on contracts, but not sure that works either. We really are headed towards semi-pro sports here. The amateurization of college sports is long gone.