Interesting article on how IRS is starting to weight in on NIL collectives. Initial opinions from IRS are that NIL collectives should not have tax exempt status (despite many already having been grants 501C3 status). If this would go through what are the implications going forward? If the NIL is not tax exempt, are the payments to student athletes subject to taxes? How is NIL funded if not via collectives? Is the only out in this case that players are employees? Could this apply to college athletic departments also? What are the Title IX implications? At what point do smaller colleges simply decide not to pursue athletics? This thing just keeps getting messier.