college sports has evolved from an non-profit ot semi professional organization. IT is managed by non-profit universities who main mission is higher education not plrofit generated big time sports. And further NCAA is non-profit dedicated for excellence and nurture of the student athlete while attempting to oversee over 300 plus non-profit institutions in a volunteer membership situation

There is no public law governs this, no regulation but regulation in agreeing to follow if you decide to join the NCAA. thats it.

It breaks down if institutions have big time semi professional goals for their athletic programs (It also questions, the definition of non profit and taxiing of revenue.)

Its all very complicated, but it all seems getting close to breaking down.