Not that Skippy Neuheisel was really defending Lane, but as a guy that has been through law school and had passed the bar, he says that the anitrust stuff has some legs to stand on legally.
Basically, the is a case of the Anti-Trust Chickens coming home to roost for College Football. College Football forever fought the legal concept that players were employees. So no unionization, no workmen's compensation. They took and denied compensation for NIL. They banned price competition for labor. When the dam finally broke, they had no recourse.
Essentially the House settlement makes them employees, well, kind of, they are free to get NIL, there is no control over enforcing contracts (other than litigation). So the NCAA is now in the worst of all worlds.
Unionization is absolutely critical for a sport league, because under our anti-trust laws the only legal way for any employer, and more importantly a group of employers in a sports league to limit labor completion is through a negotiated Collective Bargaining Agreement (CBA). The NFL's CBA allows the draft, it allows them to limit the draft to players out of high school more than three years (before that expired NCAA eligibility), it allows them to put a spending cap on player, it limits free agency (it exists, but only for players in the league four years or more) some of what is called NIL goes to the team, but players can do their own NIL and mostly get it at some level. One thing for sure, I don't see how the NCAA can limit players to any sort of career length. If they want to play 10 years and the school want them, I don't see how that can be legally limited (I can't see a CBA passing a vote with that in it).
Here is a clue, there was not always an NCAA and many schools did what they wanted to a certain degree (especially pre WW-II). Conferences were the start of trying to limit players. Eventually, administrators formed the NCAA and started ratcheting down on the players. BTW, I read a tOSU book on Woody Hayes, in the 1950's the B1G did not allow scholarships, but every player had a paying job at the University that covered what they needed to enroll and play.