People call it Texas because that's the beneficiary, but none of the money directly goes through the school or anyone officially associated with it. This is its own entity, Clark Field Collective. The people donating to the Clark Field Collective are Texas donors of course, but their donation to the CFC is in no way tied to the university.
The CFC will then donate money to University of Texas athletes for different services because legally there has to be a quid pro quo. In this case it'll most likely be autographs, appearances, and it'll also help pair local businesses with athletes.