Wouldn't they simply say that Stanford, Duke, and Vanderbilt are NOT their peers, because they are in different athletic conferences? I don't see the issue.
A student can choose to go to a different school that gives a big merit or athletic scholarship; that has been happening forever. I can't see a way that a student could say, Vanderbilt is giving me a $50,000 merit scholarship, so Yale has to do the same. That's like someone going to their employer and saying another company wants to give them a big raise; the original company is allowed to refuse. That's not "price-fixing".
The SCOTUS ruling applied to the entire NCAA, not just individual conferences.
The charge of price fixing relates to the Ivies restricting prospective students to needs-based aid.
SCOTUS said schools can't limit the educational financial benefits. Looking away from merit-based athletic scholarships, despite being D1, despite having billions in endowment, despite being the only D1 league to do so, and the despite the obvious collusion that results in all 8 Ivies saying they won't provide merit money, is just bad. Bad look. Bad policy. Moral hazard.
They are going to get sued. And they won't win.
Better for them to front-run the inevitable and just offer merit-based money. If they're not willing to spend their billions on education, what are they going to spend it on?
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My bet is that they're fairly far down the path towards providing merit money now, because they know they are exposed, and are negotiating what they can get in return.
Perhaps a guarantee against a Federal tax on their endowments, as both the Trump and Biden administrations proposed.