Are you being serious? Those are not licensing bodies. Those are employers. Anyone is free to become a professional athlete provided that they can find someone who’s willing to pay to watch them play. There’s no licensing procedure.
So if Donald Trump wants to set up a new professional football league, he can do it, and he can damn well hire anyone he wants. He doesn’t have to look for people who are licensed to play football.
(The only exception might be boxing—I have a vague idea that some state governments require you to apply for a license from the government in order to fight.)
They (arguably) gave him his compensation for what he did while he was a student. (I argue that they didn’t, but let’s put that aside for the moment.)
That doesn’t mean that they should have the right to demand he sign a contract that allows them to sell jerseys with his name on it or films in which he appears for the rest of eternity without ever compensating him. Every time the University of Tennessee sells something in which Manning’s name or image appears, Manning should get a royalty.
(With some exceptions—a purely historical documentary or book about Tennessee football, for example that Manning happens to appear in just because as a factual matter he played for the team. The difference is whether the person is buying something because it’s a University of Tennessee football thing or whether because it specifically has Manning’s name, identity, image, likeness, etc., on it.)
And, really, the Payton Mannings of the world are a red herring. It’s really all about the rest of the players who don’t make it to superstar professional status. There are people suffering all kinds of ailments today—joint injuries, brain injuries—all caused by their college football careers—who are essentially broke, but their universities can make money off their identities.
But let’s ban lifetime contracts of adhesion like these and let the players bargain for just compensation and see what they can get. I’d like there to be a College Athletes Association that negotiates with the NCAA over this kind of licensing.