Well, once this becomes the subject of actual law, it is conceivable that authorities could take criminal and civil enforcement action against violators. And, if the law permits, private civil suits by those damaged by violations.
One notable thing about most state NIL laws: they provide no penalty. It is implicit in most of them that as long as they are complied with, athletes keep their eligibility and universities stay above board, both of which seems to rely on the NCAA for those determinations and enforcement.
The problem with the NCAA is that it exists and existed by and with the consent of member institutions. It was disincented from taking severe action against too many of its similarly situated constituents.
But once there is state-sponsored enforcement, that may change. But then the state, presumably the federal government, is going to have quite a mess on its hands and be pretty busy monitoring compliance and enforcing. It will probably require a new agency.
Something needed to change, but I think finding that amateurism was insufficient justification for the collusive action of the NCAA was the wrong way to go about it. It just created Thunderdome.
EDIT TO ADD: It is regulation, a line between the legitimate and the illegitimate, that enables Texas to participate. For better or worse, Texas decided as an institution to stay on the legitimate side of the "line" when there was barely any line at all. Now that the line is more clearly discernible, we're all in. But we're also seeing a bunch of schools willing to be on the other side of the line again, or at least straddling it, and we may be suffering for it. More regulation with enforcement can only help Texas given its current and historical position on the matter. But enforcement is a sticky wicket.