I spent about an hour writing a nice post to watch it get eaten. Here is the quick and dirty gist without any wordsmithing.
Comparing to other opportunities -- the current NIL far, far exceeds them.
(Flagg can't play in the NBA this year. If he could, he would. The NIL exceeds ALL other leagues.)
There are three groups of players in the NCAA (1) ~15 who will make the NBA for some period, along with another ~15 who will kick around the g league (2) ~500 who will try overseas leagues, and (3) the other 5000.
The median NBA career is not quite 2 years. The average career is 4.5 years. Most second round picks never make a team. If they do, it is at the league minimum deep bench. More likely they are in the G league hoping for a call up, or a contract next year. Unless they were a lottery pick, they did not earn enough during this time to retire. (50-60 years is a long time to live on savings.)
The numbers are not that different in the foreign leagues other than the pay is much lower. 250-300k is a good salary in the higher leagues. The lower leagues don't pay much. Search for my detailed post on league salaries around the world from a year or two ago if you want more details.
The result: Most of the students are 4 year students. 99.9%+ of the students are dependent on their education going forward.
What I'm hearing (3rd/4th hand) for the current NIL demands for the group 2 players exceeds what they will make as pros once their game matures. There is no way they could get that money anywhere else in the world right now. These demands are on top of the room/board and education they get.
My opinion: Group 1 may be worth the NIL. Groups 2 is being way overpaid. This is the group that I expect to have their NIL drop dramatically within the next 5 years. The 4 year scholarship is a bargain. Group 3, I have no idea what they are asking.