I don't have enough confirmation to do any real reporting, but I'm fairly certain there have been a few instances in D3 where an NIL collective has come up with several thousand dollars to match a financial aid package offered at another school to keep a star player.
Most of the NIL deals are gift cards and hoodies, for sure - but there is money available when teams need it - and players don't get that unless they've got leverage.
I do think there will have to be some regulation at some point. I think you're going to see a model that looks like international soccer. Players can sign contracts with schools, but with release clauses that other schools can pay to steal them away. You'll also likely have one or two windows a year where players can switch teams.
It'll be less of a thing in D3, because the money is so much less and players can switch teams between semesters already anyway.
They're waiting for the lawsuits to work themselves out, so they know what can be mandated, in terms of eligibility, etc. In the end, I think D3 will largely be shielded - so long as there's a division with no rules, we'll be able to get by with what has always been the traditional d3 way of working (or something pretty close to it).