Unless you are all in on something, you are out. UofI needs to fully embrace NIL because it isn't going away. They have the money to invest and should... Spending money is the key to making money. They need to fund the NIL in proportion to revenue generation, guessing that would be heavy football, next men's basketball, women's basketball then wrestling. Guessing but would would say the men's basketball generate 70% more than womens as the tv money isn't even close and won't be for a long time.
The University should set some portion of each of those 4 sports revenue aside and back into that specific program via NIL. They should also look to increase tuition and housing and but 2-3% in to the NIL. They also need to shut down other sports and put that money into the NIL. They will get that money back and more by having a better product and higher TV contracts.
Lastly NIL needs to be contractual and set for years of service. The university has the money for attorneys to set contracts that players wouldn't so that a defense of the contract makes it hard to break. So some money needs to go to a law firm to uphold and set the contracts in the universities favor.