HUNT VALLEY, Md. (TNND) — It’s been nearly four years since the NCAA enacted a new policy allowing college athletes to profit from their name, image and likeness, and just a few weeks since a federal judge opened the door for college athletic departments to pay athletes directly.

Much of the details are still being worked out in the courts. Key components like roster limits, scholarship limits and payment pools are still up in the air.

As is a governing body to oversee all of these new rules, since most current regulation is a patchwork of state laws, legal settlements and NCAA rules.

But, we are starting to see the impacts of college athletes getting paid – and what it means for the enterprise as a whole.

Depending on who you ask, the historical shift is: long overdue for athletes who’ve spent thousands of hours grinding for their craft; late to the party in terms of global sports; the official death certificate for amateurism and the “student” side of “student-athlete”; or, an inevitable reality that has to run wild before it gets reined in and regulated.

To the league itself, it’s a positive step.

When a judge granted preliminary approval for a framework for schools to pay athletes, NCAA President Charlie Baker said it would “help bring stability and sustainability to college athletics while delivering increased benefits to student athletes for years to come.”

The push for college athletes to get paid spans decades, with legal challenges and legislative efforts dating back to at least the early 2000s. Which is surprising, considering the NCAA has been a multi-million dollar industry for several decades, and a multi-billion dollar industry for about a decade.

That disparity is due to the idea of “amateurism,” a word many experts and analysts use when they cite concerns about completely commercializing college sports. That idea goes back more than a century, to 1800s England, where sports were only for the wealthy, and the working class didn’t want them to be able to pay their way to victory.

“I don’t want to say [amateurism] is going to die, but it will certainly be the commercial aspects that are going to permeate,” said David Hedlund, the chairman of the Division of Sport Management at St. John’s University. “I think we’re going to see and hear less and less about amateurism, and college sports are going to look more like professional sports, or a training ground for professional sports.”

The idea that sports are for enjoyment and the love of the game rather than money is a noble one. And players can love the game and make money off their talents at the same time.

But many experts say amateurism has long been dead; the NCAA was just, for whatever reason, the last organization behind the International Olympic Committee to let it die. It’s part of an effort to keep pace with the rest of the world. Overseas soccer and basketball players are spotted when they’re 12 to 14 years old, and go pro when they turn 18.

“We’re in a global marketplace,” said Matt Winkler, a professor and program director of sports analytics and management at American University. “We sort of have to keep up with the other nations if we want to strive and have those great moments in sports for our Olympic teams and our World Cup teams and so forth.”

Coaches have long been compensated, and universities have long profited off their sports teams.

“The money has always been there. It’s just a lot more front-facing now, I think, than it’s been in the past,” Hedlund said.

Some sports analysts say it was quite front-facing in this year’s NCAA Men’s Basketball Tournament.

March Madness was devoid of any significant upsets or Cinderella teams. For the first time in five decades, every team that made it to the Sweet 16 came from a power conference, including all four No. 1 seeds and all but one No. 2 seed.

And, every team that made it to the Final Four was a No. 1 seed.

ESPN analyst Stephen Smith said NIL deals and the now no-limits transfer portal are to blame for why mid-major programs didn’t see much success, and top-tier schools prevailed.

“If there was no NIL, if there was no portal and you have the mid-majors go 0-6 in the second round, please, we ain’t sweating that,” Smith said. “But when you’re able to point to rules that have been implemented that ultimately shows itself to have inflicted upon the game itself, that’s dangerous.

“College basketball as we knew it – which, to me, is all about March Madness – will cease to exist. Because there’s no madness.”

Experts say there is a serious question mark about the current state of how much colleges can pay to entice players, and how many times players can be enticed enough to transfer.

But not all believe it has to be the death of March Madness or competition in college sports. After all, there’s still Division 2 and 3 universities.

Richard Paulsen, a sports economist and professor at the University of Michigan, said it’s hard to gauge the impact of NIL deals and the transfer portal on competition. Because while the top ten or so power schools may be able to offer the most money to the elite players, there’s still a lot of talent out there.

“The top schools have an advantage in getting the A-level talent, but some of the players that might have sat on the bench at a top school previously could be enticed away with NIL money coming from a second tier school,” Paulsen said. “So I think the impact on competitive balance is maybe a little bit less clear.”

Paulsen says, as a professor, he is worried about the impact NIL deals – particularly million-dollar ones – can have on the students themselves, some 18, 19, 20 years old. It raises the question, does a teenager or young adult need this much money?

Shedeur Sanders is 23 years old, and his NIL valuation at the University of Colorado was roughly $6.5 million. Granted, he’s the son of NFL Hall of Famer and head coach for Colorado Deion Sanders.

But, his 2024 stats were top five in completion percentage, passing touchdowns and yards. Several analysts had him as the top prospect in the 2025 NFL draft, but he slid down to the fifth round, shocking much of the sports world.

Various reports place blame on other reasons – maybe he took more sacks than he should have, maybe NFL executives see traits we can’t see, maybe he bombed interviews with the managers, maybe it had to do with his Hall of Famer dad. And he certainly wouldn’t be the first prospect to get picked later than expected and prove all the teams that passed over him wrong.

But, he’s also losing money by going pro. The iced out, custom “Legendary” chain he wore on Draft Day reportedly cost $1 million.

“It is at least worth noting that five years ago, he wouldn’t have had the online presence that he had, and that could have turned off some NFL teams,” Paulsen said. “Without being in the rooms, I don’t know if it did, but that is possible, and it’s not something that would have been possible even five years ago.”

It begs the question, is it even worth going pro for these top-tier college athletes with insane NIL deals?

In the NBA, new data shows it may not be. The league announced last week just 106 players declared early for the 2025 draft. It’s the fewest since 2015. The number typically hovers around 300.

The drop in early entrants could be lingering effects of the extra COVID year.

But, next year, ten schools will pay their rosters somewhere in the neighborhood of $10 million, including several million dollars per top player. That’s far more than the players would make if they were a second-round draft pick in the NBA.

Winkler said the combination of competitive rosters and the scope of these NIL deals has more to do with this drop in early declarations.

“These deals are getting so big that unless you’re going to be a first round draft choice, maybe if you’re going to be kind of a lottery pick or a top 10, 15 pick, it would be better for you to exhaust your eligibility on a major team, because you’re going to make more,” he said.

So, it might be financially advantageous for athletes to wait on the pros. Some announcers were even suggesting Sanders should go back to college if the NFL didn’t deem him ready for the show. (NCAA rules prohibit him from doing so anyway; he declared for the draft and signed with an agent).

But what about the fact that these players, who become millionaires, are still students?

Schools are working to provide resources for these athletes so they can get advice on what to do with their wealth, so that they don’t spend it irresponsibly. Which is not to assume all of them would; it goes without saying this money could greatly benefit an athlete who grew up in poverty and change the trajectory for his/her family.

But Paulsen says he worries about the “student” side of “student-athlete” when we start talking about millions upon millions of dollars and students transferring to whichever school offers them the most. Sometimes credits don’t transfer; sometimes players could feel pressure to fulfill their NIL commitments over their studies, when the stakes are that high.

At a young age, these players are under an unprecedented amount of pressure, from their coach, from their family, from their financial adviser, from social media, from broadcast exposure, from stakeholders, from the tens of millions of people who can now legally bet on them.

“Players should be able to leave bad situations, absolutely, and I certainly support players’ autonomy and chasing financial benefit from their athletic talents,” Paulsen said. “But if we’re going to call them student athletes, we should have some emphasis on the student part of that too. Some of these rules that are helping the athlete are hurting the student.”

One of those rules, he says, is the transfer portal. But in addition to harming the students’ academic careers, experts say this also takes a toll on teams and fans of those teams.

Take Nico Iamaleava for example. The star quarterback abruptly parted ways with Tennessee over an alleged compensation dispute with the school’s collective. He demanded an NIL readjustment to $4 million to keep playing for the Vols, and when they said no, he transferred to UCLA, though it’s unclear if they met his demands.

The exit shocked his teammates in Knoxville, with one of his receivers and defensive backs, Boo Carter, telling reporters, “He left his brothers behind.”

But the new pay-to-play system does also beg the question of school loyalty, not just for the players, but the fans too.

Paulsen says roster continuity, players spending all four years playing for one team, has been an endearing feature of sports like women’s college basketball, when you look at the legacies, for example, Caitlin Clark built at the University of Iowa, or Paige Bueckers at the University of Connecticut.

“I do think there’s definitely some extent to which all this player movement can have negative consequences,” he said.

But, some experts doubt fans of teams need to see the same or similar team year to year.

After all, this past NCAA Men’s March Madness Championship between Florida and Houston – the one ESPN’s Smith said featured no madness at all – scored 18.1 million viewers on CBS. That’s up 22% from last year’s championship, and the biggest audience since 2019.

The Final Four games, featuring all No. 1 seeds, ranked as the most-watched games in eight years.

In other words, so far, so good when it comes to college sports fandom.

One thing broadly agreed upon among experts is that competition must remain intact. The Florida-Houston matchup was a nailbiter.

“The biggest thing that would kill sports is if there is no competitive balance,” Hedlund said. “It is known when you have a really great team being a not-so-great team, if the great team probably will win, people don’t want to watch.”

People still appear to be watching. If they stop, one could assume the NCAA would change its course, or it’d be out of all its money too.

Plus, these experts expect regulation soon – possible measures like transfer restrictions, collectively bargained salary caps, conference realignment to avoid concentration, turning athletic departments into LLCs, putting degree completion into bylaws and evening out the number of roster spots, among other rules.

Experts say: be patient, wait for the legal fights to run their course, and wait for the brightest minds in sports – and Congress – to come up with a solution that pleases the players, teams, coaches, schools and fans.

“This is fundamental to the success of sports, so we just need to figure out what rules, what regulations, what governing bodies, how do we facilitate this?” Hedlund said. “We don’t want to ruin sports. That’s what’s at stake here.”

Winkler says it all comes down to the most “hardcore” stakeholders: fans and alumni. If the SEC and Big 10 just ganged up and created their own Premier League and college sports turned into checkbook sports, it could threaten that school pride.

“This year, we definitely saw cracks in the system,” Winkler said. “If the best athletes just go to the top, are [fans] rooting for an inferior product? Are they still going to have that affinity for their school, their team, their degrees, and people that are doing it? This is really going to test that.

“[Schools] have two key pressure points: keep getting a lot of money from TV so you can fund your athletic department, and keep alumni, fans and donors still feeling as engagedThere’s a lot to be worked out in the next several months and probably the next year to really get a boiler plate idea of what the rules and regulations need to be.”