I am not a lawyer and have never seen an actual LOI agreement for college football but they are not the same thing as an employment agreement in the real world.
LOI in CFB means I agree to come play football for you in return for a scholarship. It binds both sides to do whatever is in the agreement. That’s why guys have to be”released” from them.
As
@Trevi said above, and I mentioned in one of my anti common sense posts, these have been 1 year deals between player and school for the majority of CFB history. It was just the other way around so now that the schools and their lobby are trying to do what’s best for the sport-they don’t mention that so much.
This is the modern coal mine owners working together to buy politicians and control the cost of labor so they can keep control of the tv money. They know that only 20-30 teams are big enough brands to survive in a world of year to year free agent bidding wars and that even then , those teams cannot carry the expense of the 30 some odd teams at the university that don’t make money.
This is the fight for how it’s going to go forward. Old owners find a way to still control it or it totally blows up and changes (imo).