It's a little more nuanced post the house settlement. The school can essentially integrate a collective into its operations now. With it comes some drawbacks but they could be the marketing agency and facilitate those deals directly.
See - Buckeye Sports Group, which is a partnership between Ohio State and Learfield. They've essentially merged marketing and NIL operations.
LSU does it a little differently but still incorporates NIL giving into donor perks. Fans get priority/donor points for donating to Bayou Traditions and the line between the LSU fundraising arm and the collective is basically minimal.
School wants to avoid directly running a collective because they want to limit the appearance of athletes being employees. They also don't want to run a collective directly because then Title IX applies.
But there are LOTS of ways a school can make this work and essentially run it. They shouldn't be relying on the generosity of former football player's time to run collectives anymore.