If they want to structure it in such a way that the schools pay the players directly -- say, as employees -- I suppose they can cap it. But there is no way that they can continue to effectively pay players under the disguise of "NIL" and have any hope of capping it. Those are individually negotiated payments that (technically) do not come in exchange for playing football or basketball. That money is in exchange for use of the player's name, image, and/or likeness. (I'll pause while everyone stops laughing...)
It can, I guess, begin to limit the amount of money available for "NIL" because the same people funding it now are also going to be the ones tapped to help supplement this new line in the athletic department budget. So it'll turn the focus back to Pirate Blue, while Onward Setonia would still be shaking the tin cup for "NIL" contributions that would help offset athletic department shortfalls. Seton Hall is obviously not going to create a new $20 million budget line to pay its players, right?
This does nothing for us. In fact, it probably makes it harder.