I know nothing about NIL rules, but the University should consider something like one would see in Formula 1 (sponsor logo on the car, race suit, t-shirt, hat, etc.). For instance, you have the team (University of Miami) and sponsors the are pervasive across the team (i.e. American Top Team) and put the logo on a warm-up shirt. Then you have the player (King) and his sponsors go on his personal sideline hat (i.e. Wharf). Rent space on University warm-up shirts or something, the front of the shirt costs more than a sleeve... you get my point. You see it all across F1... a guy like Sergio Perez races for Red Bull who has their own sponsors and Perez himself is sponsored by a company like Kavak... benefits both the team and player.
Maybe they've already done that I have not been paying attention.