Lawyers can't answer those questions either. Nike, Under Armour, etc answer those questions based on marketability and demand. A player will either have to negotiate with the school to get the rights to wear the jersey or see how much they are worth without it.
A likeness or marketability is not tied bewteen the player and the university. A player would not owe royalties to a university any more than an actor would not owe royalties to the producer of thier first film that made them a household name.
This is where the future of a college video game gets murky. If it goes this way, which I think I will, then players, schools and conference are going to have to come to an agreement on one body to represent their best interest to television networks, video game companies and any other that want to market the sport as a whole.

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