It has not been finalized yet, so there are no firm details, only a plan proposed by the NCAA in conjunction with lawyers. To alleviate future lawsuit concerns, the NCAA reached a settlement with a number of class-action lawsuits happening concurrently to restructure its rules in regards to essentially paying players. They're calling it the House Settlement (one of the cases, not the representatives). The NCAA will allow the schools to share up to a cap of ~$23 million in the first year (likely '25-'26). The number will be adjusted occasionally based on 22% percent of the average power-conference school’s annual revenue each season from media rights, ticket sales and sponsorships.
Schools can choose to opt out of paying or allocate this $23 million as they see fit among their programs. The settlement also includes back pay for athletes denied NIL by NCAA unjustly over the last decade or so (up to the statue of limitations), and that revenue is being split 80-15-5 or so (football, basketball, other). Many football-playing P5 schools will likely split the $23 million similarly, which would put roughly $5 million towards basketball.
Current NIL system and collectives would be subject to a clearinghouse that would make sure the outside school NIL agreements are legitimate and essentially that this is not additional pay to play coming from the schools. Some schools will bring their NIL in-house and fundraise to meet the $23 mil. Others will keep it separate because the outside money will be essentially on top of the "cap" of $23 mil.
So if P5 schools are paying rosters $5 million plus NIL collective money, Big East schools should be able to stay competitive or even have an advantage since theoretically they can spend AD money up to $23 million on basketball. The problem is that they likely don't have that much money, because their media rights deals are like 25% of the lowest P4 deals. Basketball-prioritizing P4 schools will likely have the most money to spend. If say Duke decides to only spend $10 mil on football and $13 mil on basketball (plus $7 mil in outside NIL), they could be spending $20 million on the roster and teams in the Big East would likely not be able to sniff that. If we were to join a P4 conference, it could enable us to prioritize basketball and operate like that as well. But we need a competent enough football program to get in the door.