I don't know the entire specifics, but it sounds like the deal is based "in theory" of the amount of money the athletic department should generate. Also the wording makes it seem like JMI can veto anyone we try to sign or at least certain NIL deals they could get.
Like hey, we have all of this money ON PAPER.... but when it comes time to negotiate the real NIL deal with basketball and football recruits/portal guys, it could turn into a Lucy holding the football situation and JMI tells us we don't really have that money to give out.
At least I think those are the doom and gloom scenarios some have pointed out. Maybe it isn't really that bad and it will be a good thing for us. It's embarrassing that there is even uncertainty about the specifics on a deal as important as this. The Barnhart Special. No coach worth anything in this era is going to sign up to coach here without some clarity on what the NIL situation is, and they're going to have to explain it to them in much clearer detail than what has been explained to the fans.
Something to keep in mind, though: has any long-term deal that Mitch has negotiated and signed ever worked out for the benefit of UK and BBN? To me, you can't be "the greatest athletics director in UK history"

and the flagship programs of football and men's basketball be in the same shape (football) or significantly worse shape (men's basketball) than the day you took over. Mitch = The Wizard of Oz. Great smoke and mirrors routine/PR campaign with Lexington media to trick people into believing that he's this great leader when that just isn't the truth.