For those of you completely talking out your butt, every single market in the world is regulated. The US stock market is one of the most heavily regulated markets in the world, and the investor community loves it and sends us about a trillion dollars a year, which basically funds America's very high standard of living. I am not an expert on it, but I imagine Sudan's stock market probably doesn't have a lot of rules. Anyone interested in investing in it?
A market needs rules to get people to participate in it. If they turn NIL into a total free-for-all, it will actually be bad for the majority of athletes.
Rules that I think would be good:
1) Athletes should have to disclose NIL arrangements, and their should be compliance. I would be shocked if there is not already point-shaving going on. What is to stop a local car dealer from paying a player $20,000 "legally", but letting him know to keep it within the point spread when they play some directional buy-game team? Disclosing the arrangements would make it easier to track illegal activity.
2) Athletes get 1 no-sit transfer, and that is it. Any exceptions should be extreme circumstances, and maybe put a nationwide cap on the number. This will stop the free agency. Even the pros have multi-year contracts, but college players are entering the portal during the season because they are getting a better offer somewhere else.
Rules that I don't like:
1) I am not in favor of a cap on NIL.
2) I don't like the free move if the coach leaves. This lets coaches blackmail schools by threatening to blow up the whole program. Coaches get paid enough, no need to give them more leverage.