Yes, due to the fact that there are anti trust laws and anti trust exemptions that have been granted, this is going to be an interesting few months. Additionally, since the current mood of the court is the NCAA is now more of a multi billion dollar business rather than simply schools giving poor kids a shot at an education, the dynamics of the original exemptions may not apply.
Having said that, even though an organization may not have the ability to arbitrarily restrict activities that don't directly affect their product, they still may have the ability to enforce rules agreed upon by the voluntary members.
I actually think Tenn will prevail due to some of the issues mentioned but I've also seen courts surprise everyone with different rulings. Yes, Spyre has a right to collect money and award it to whomever they see fit in any legal manner they see fit. However, that doesn't mean it's a slam dunk private orgs can't regulate legal activities as a condition of membership. The court's remedy might actually be that the player have a right to take money from what are basically booster driven orgs but the NCAA also has a right to rescind their membership.