With my limited knowledge of immigration law, it makes sense that collegiate athletes here on student visas are not able to make money and therefore Edey would not be able to make money off his NIL.
Related to NIL, I'm curious how this is all working. For example, can the collective (a legal entity with the authority to contract obviously) pose a contract to the prospective player that says "we'll pay you $400,000 over time to come to ISU and play basketball - paid in monthly installments - over the next year, but if you transfer from ISU then you forfeit what remains on the contract." In other words, create a contractual relationship with the player (assume the player's an American citizen with a right to work or green card holder obviously to simplify the hypothetical fact pattern) based on their NIL and basically treat him or her like an independent contractor. This would give the collective the rights to enforce a breach of contract.
I haven't really delved into NIL law, but it is interesting to ponder how this is all working in practice right now.