A couple non-exhaustive options here, I think. Schools are going to want to be able to "control" athletes - at least at some level - I'd say possibly like free agency.
1. Schools compensate - e.g., base rate with no prohibition on NIL [maintain contractual control, but have headache of employment & possible union issues]
1A. Schools compensate but NIL limited to bona fide use of NIL for documented endorsements and no school/NIl connection other than collective payment [same as 1 but possibly better control/rules regarding payment]
2. Schools do not compensate - e.g., only "compensation" is scholarship room and board with unrestricted all-other compensation. [loss of control but possibly avoid unionization]
2A. Schools do not compensate, and compensation managed by state-run entities [tax man want his money]