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No, it's set up to go to the school and would remain so by jt
it's completely separate, and I've gone into the reasons already several times. The schools would have nothing to do with paying the players outside of the scholarship/room and board/meal plan.
It's nonsense and a way to divert attention.
To answer your question, the athletes would not have a union or association but they would have the ability to gain representation for the purpose of generating endorsement income. The schools would maintain their own likeness/merchandise rights.