My understanding is the House settlement will not be enforced by the NCAA. The "Settlement Enforcement Committee," composed of reps from the P5, replaces the NCAA as the primary compliance body. This includes Deloitte's evaluation of third-party NIL deals and a binding arbitration process when disputes arise around FMV. Again, completely independent of the NCAA. The Committee will also be responsible for oversight of revenue sharing, and "periodic reporting and compliance certifications." To your point General, I have no idea what, if any, penalties there will be for noncompliance. Maybe I've missed that part.
Whether this conference-driven compliance and enforcement model will be any more effective than the NCAA remains to be seen. But the P5 school's will have no one to blame if it does fail.