This ESPN article on the intricacies and likely outcome of the the class action lawsuit O'Bannon, et al, versus the NCAA concerning the uncompensated use of photos and likenesses of college athletes points out the tenuous standing of the sports legislative body.
"This whole area of name and likeness and the NCAA is a disaster leading to catastrophe as far as I can tell," wrote [Harvey] Perlman, a former member of the NCAA Board of Directors and law professor specializing in intellectual property. "I'm still trying to figure out by what authority the NCAA licenses these rights to the game makers and others. I looked at what our student athletes sign by way of waiver and it doesn't come close."
One possible outcome would be the establishment of a group, College Student-Athlete Players Association, e.g., that would represent not only current but also former participants as well.