My issue here is that in sports you actually need socialism if you want competitive balance. Like the NFL & NHL have a salary cap. That's socialistic. But the reason it exists is so you don't have the big market teams buying up all the talent, which would kill parity and make people check out on th lower ranked squads. Baseball has this issue but some of it is mitigated a little by the luxury tax. Still, look at the success of the Dodgers/Yankees versus the Reds over the last 20 years.
In a wild, wild, west, capitalistic, free market setup you'd get LOTS of lopsidedness in sports and we're about to see a lot of that play out in the college game and elsewhere without any regulation.
But again, NIL is supposed to be different from a salary. It was sold as "Hey, get money for your name on a jersey, your face on a t-shirt, your likeness in a commercial, money for doing an autograph signing." However, it's become a license to pay players to circumvent universities collegiately so long as they'll sign somewhere. It's been abused since day 1 and I don't see the NCAA or state bodies doing anything to stop it, largely because of court challenges or a lack of will.