There's all sorts of variations being floated, and nobody knows what will eventually shake out.
One proposal that I thought was really interesting: You can make money off your image. But if you do, the value of your scholarship becomes taxable because it's now business revenue without which your image is worthless. For private schools (e.g., USCw, Stanford, Vanderbilt, TCU, SMU), and for out of state kids at public schools, that number would be substantial.
There has also been talk that the kid would get around that by creating a non-profit entity, which would in turn pay him a "salary." I think the IRS would anticipate that, and pre-emptively shut down the possibility.
Again, nobody knows if either, both, or neither of these will happen. But it's an illustration of how many implications are out there that nobody has thought about.
