From a law review of the agreement:
"Under the preliminarily approved settlement, enforcement authority over third-party NIL deals will no longer extend to all third parties, including broadly defined boosters. Instead, restrictions will focus only on groups "of entities and individuals closely affiliated with the schools," such as collectives. Any NIL deals involving these "associated entities or individuals" must be approved through a third-party clearinghouse."
So, what they're doing is changing the NIL money from collectives back to boosters who can't be controlled. Not exactly running it underground, but they can't stop a specific booster from providing a "pay for play" NIL, only the collectives. It's just shifting the buckets where the money comes from. The NCAA couldn't effectively enforce illegal payments previously and they are not even asking anymore to enforce 3rd party NILs, only make them look like they're further from the school which won't be hard.
The NCAA has lost. And really lost by calling it revenue sharing because why revenue share with someone who plays sports from which you make millions? Because those athletes are employees making you money.
I hope we can agree that this is a razor nick dot band-aid on a sucking chest wound?