I was a bit too succinct and therefore unclear. To rephrase, is there any meaningful difference between a booster paying players via the university or a booster taking their money to pay a player and doing it via a company instead? I understand the legal ramifications of who the payer is seen as, I am talking about the practical ramifications and whether a school having a player that is paid by a company rooting for the school (and with monies from same pockets) is meaningfully different. I'd say not.

The practical difference is that title IX means that universities have to provide equal opportunity for male and female students. If a donor wants the university to pay male athletes $1 from his pocket per athlete, he would have to donate $2 per athlete, since there needs to be equal opportunity for males and females. Currently that manifested itself in equal scholarships, but if the law changes, I would assume it would end up mandating equal $$