It has two tracks.
One track is a 501c non profit set up for individuals to donate. The athletes will need to pay this off as charity work in order for it to remain a 501c. Schools that set up their collective as a 501c forgot this part could cause problems for their donors (restatement taxes,payment, fines, etc). Iowa’s first goal on this is 1k/month/player but i see it growing to 2.5-3k/month quickly.
The second track is for businesses to use athletes for promotions. This obviously is where the pay will be for production/recognition. Much more potential $$ at stake here also.
If you read between the lines the iowa athletic department understands donations from car dealers, kum and go, etc, etc, etc will now be split between the foundation/I club and athletes on this track.
Iowa coaches won’t be able to say “ sign with us and you’ll get this much”. They will say “talk to our players and see what they get and expect.”
Hope that helps.