"A charitable contribution deduction is not allowed for any contribution made after December 31, 2017, to a college or university in exchange for which the payer receives the right to purchase tickets or seating at an athletic event."(https://answerconnect.cch.com/document/arp109fc87418cc7c4e8c922122a0e6a38eb6/federal/irc/explanation/tickets-to-athletic-events-or-booster-club-dues-for-colleges-or-universities#:~:text=A charitable contribution deduction is,seating at an athletic event.)
Donations beyond that to a university's general student athletic fund remain tax deductible, if it is a 501(c)(3) organization which all are, and to the amount provided by the university in a letter to the donor. That letter could theoretically consider whether the donor's points level was used receive the right to purchase a ticket in the tax year.
Implementation of the IRS position on donations to NIL collectives would, on its surface, appear to tilt the playing field back to Universities from NIL Collectives, when it comes to direct control of donor dollars. But if the IRS has separately established a portion of a NIL Collective as a 501(c)(3) organization, then it will be deductible. The IRS position did not addressing this.
The IRS position address "developing paid name, image, and likeness (NIL) opportunities for collegiate student-athletes." 501(c)(3) NIL collectives don't do this. Rather they "typically use student-athletes as independent contractors to help further their charitable mission."(https://www.taxpayeradvocate.irs.gov/get-help/general/nil/nil-collectives/)
Also, individual state laws are changing to allow collaboration between NIL collectives and universities. When this collaboration is allowed and to the degree tax deductibility is a material driver of atheltic donations, the new IRS position could still only hurt university athletic programs and more importantly their students athletes, if fewer donations result.