Logo of the Uni. Because the university at the end of the day makes the player, not the other way around. So if the logo is on the player, what amount goes back to the university? I've never got an answer to this. Not trying to confuse the situation, but it's quite critical. I never understood why this isn't addressed.
In business, the parent company of a new venture established to generate income, makes an investment in the venture - not too unlike the university and IPTAY investing in a student athlete - this to gain income and brand recognition for the parent company. Some of the income is kept within the bounds of the new company, but there's no question that the entity that provides the funding expects to receive (and does if profitable) a portion of the gains.
So, in this method of income distribution, both the university and IPTAY should expect to receive a return on the investment they make in a player by way of tuition, room and board, tutoring, etc.
If a player thinks he's entitled to all of the money without recognition of the development investment provided by the university and IPTAY, he should be given the opportunity to try it on his own and see how that goes.
In fact, that's much the way of the professional golf tour. If you think you're good enough, then go raise the money and see how many investors you can get to support you until you can make a profit on your own. There sure are lot of golfers who don't make it as a pro.
Take, say, Christian Wilkins. Absolutely would have been sponsored at Clemson had the NIL Bill been in effect when he was in school. But remove him from Clemson and put him at Florida Atlantic: would he have made half what he would have at Clemson? A quarter? I doubt it. I tell all the pearl-clutchers that this will only affect the top 1-5% of collegiate players, and the school at which they play will be half the reason they get a deal. I know the schools aren't allowed to give the players any (additional) money as part of this deal, but they absolutely deserve a cut. Because without the Paw, without the Bama "A", without the Bucknut Buttthole, these kids wouldn't get near as much money.
It'll be interesting to see how that plays out. Could go a number of different ways.