I believe the initial ruling was that the colleges were going to need to spread it out amongst all of the sports at a particular school, but that ruling was challenged. If it's truly profit sharing, then only sports that make a profit should be sharing that money, or at the very least, allow the schools to decide how to distribute it.
Revenue sharing and it's implications to NCAA sports is not generally understood.
Revenue sharing is the result of a court case. The case allows up to $ 20 mil per University to be split to existing athletes. As of today there has been no mandate on how revenue needs to be split.
The initial date for the first distributions in this coming July 1st. Most schools are not planning to distribute equally to each athlete but are planning to split the majority to the sports bringing in revenue. Most P4 are set to follow something like the Texas Tech's model. Texas Tech announced in December 2024 a plan to distribute about 74% to football, 17–18% to men’s basketball, 2% to women’s basketball, 1.9% to baseball, and the rest to other sports, mirroring their revenue contributions. This would mean a $ 3.5 mil payment to Mens BB players. $ 270,000 per player if split equally. ( this is why it will be difficult to lure away P4 bench players)
An interesting aside are teams in conferences that don't have football but do bring in relatively large income from BB (think Villanove, Big East, Gonzaga - PAC , Grand Canyon - MW). They will be able to go much larger to BB - say 75% to men's BB. If they have the $ 20 mil that will mean $1.15 mill per player before NIL. With that they'll be able to lure the best players from around the world.
I've heard zero on UNLV plans along this subject. It would seem to me we have no funds for this.