In its letter Wednesday to the CA Governor, The NCAA said it would flat-out-ban all CA schools from compeating against non-California schools in every sport. It also listed all the legal points it would use to sue California if he signed SB 206.
Currently, All 58 of Californias NCAA schools are on the side of the NCAA.
The PAC-12 has also spoken out against the law.
However, If the PAC-12 gets behind the bill and starts lobbying other states (Arizona, Colorado, Oregon, Utah and Washington) to enact legislation similar to California it can use 'Power 5 autonomy' to make its own NIL (name, image and likeness) rules and the NCAA wouldn't be able to do anything about it.
With all the bad press the PAC-12 has been getting and being the 'least power' of the P5's this could help them gain an advantage over the eastern conferences.
The Athletic has a great story on all the legal ramifications of SB 206 ("California vs. NCAA showdown"). It's worth the read...
IMHO.. there are only a handful of players who could earn any money with endorsements. Paying students for NIL will open up a HUGE can of worms the NCAA won't recover from. It's a bad idea... The schools know it... The NCAA knows it... Its people like LeBron James who are pushing it through the CA legislature. The NCAA is far from perfect. But they are the only thing keeping college sports 'amateur' sports.