[chrisk]

NIL payments come both from universities directly and from third parties.

The point is that payments that fall under the House settlement cap paid by a university are not subject to fair-market value restrictions. The House settlement payments made by a university are limited by the $21.5M cap. Any payments above the cap must come from third parties and are subject to fair-market value restrictions.

The estimates that the Athletic published seem to indicate that Stanford's direct payments are close to the cap, but that third party NIL payments are still relatively small and in the bottom tier of the ACC.

[chrisk]

NIL payments come both from universities directly and from third parties.

The point is that payments that fall under the House settlement cap paid by a university are not subject to fair-market value restrictions. The House settlement payments made by a university are limited by the $21.5M cap. Any payments above the cap must come from third parties and are subject to fair-market value restrictions.

The estimates that the Athletic published seem to indicate that Stanford's direct payments are close to the cap, but that third party NIL payments are still relatively small and in the bottom tier of the ACC.