I will make a more detailed post later.
Essentially rev share is money coming directly from school to player. Each school has a “cap” amount they can distribute across all of their programs, around $20.5 million. Football gets a large chunk of that.
NIL can come from third parties. This is where schools are trying to get creative. A new entity, called the College Sports Commission, was created to enforce NIL. All NIL deals over a certain threshold (believe $600) have to be reported to the CSC. The CSC then evaluates the deal to see if it’s fair. They ask questions like “does it have a valid business purpose” and “is the money aspect of this deal fair in regards to the market.” Then they approve or deny the deal. They have denied a good amount of deals, which is where you’re starting to see some differences. Some schools are essentially daring the CSC to try and enforce the rules, others are not.