I'm late to the party here but my initial thoughts are if university and collective are to be separate entities then the university providing them lists of season ticket holders and donors now directly connects them to the collective. If they release those lists to them, to cover their liability for Title 9 then you would have to release the info for ALL sports. But another thing that has me curious is that information is somewhat private information so does the university legally have the right to give your season ticket or donor contact information to an outside entity? Would assume there is some kind of fine print somewhere but when I purchase season tickets I would assume that if some other entity asked ISU for my information they aren't obligated to give it out without permission?
I think we are going to see a lot of legal battles play out in the coming years with NIL. Especially when it becomes obvious that the money is not fairly distributed out. This is where I can see why a university would be hesitant to share any information with a collective that is supposed to be a separate entity as if you only give them say the football and MBB lists then I think you now open up a liability with T9 that you aren't being inclusive to all the sports. Also wonder if it makes a grey area with privacy where they are giving out information without consent. Just a lot of grey areas and loopholes that are likely going to result in eventual lawsuits I'm sure.
I also think give it a few years and once the NIL craze runs its course and people who are donating big sums of money with the hopes of conference titles and national championships don't see the results at some point the return on that money may not be valued the way it is today. There will be a breaking point where some collective raises a ton of money and their football team is still stuck in mediocrity or greatly under performs expectations where the big donors stop pumping the kind of money they are now into it.