Last year, I scored the first 25 state NIL laws for their pay restrictions. My study—“Do College Athletes Get NIL?”—is already out of date. That’s how fast NIL has changed. This week, I will present my research to a Nevada legislative committee.

Here’s what I plan to tell those legislators—and any others addressing the new generation of college athlete “NILionaires”:

1. Require NIL agents to register in your state. Only 12 states in my study do this, including Nevada. It’s a powerful tool for ensuring that 18-to-21-year-olds are represented by licensed attorneys or financial advisors, not charlatans.

2. Regulate collectives, the giant funnels for paying players to play. They are largely unregulated. Start simple: Require collectives to incorporate in your state. Make sure any person can sue them in your courts.

Understand, however, that collectives are the payroll operation for college teams. Because they are financially connected to schools—especially public schools that are exempt from federal labor law—they will likely be treated as “joint employers” for your public schools. That exposes schools to becoming unionized—but that’s inevitable, so regulate them.

3. Five states prohibit employment of athletes as part of NIL deals (Illinois, Ohio, Texas, Mississippi and Arkansas). This idea is absurd: In Texas alone, collectives offer lavish deals.

4. Put in an employment trigger law: If any other state, federal court or agency, or Congress declares that college athletes are...

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