teams. That's the core of the anti-trust exemption the NFL has with regards to TV deals, and it matters in the context of the NCAA because it's also an entity formed by teams that compete against each other.

That said, I think you have it wrong when it comes to a free market in the context of anti-trust laws. The entire reason for anti-trust laws is to foment the competition that's the hallmark of the free market. That's not to say that the laws are great or always work as intended. But if there's a monopoly (or close to a monopoly), it can lead to predatory practices if the incumbent has enough power (be it economical or political) to prevent competitors from challenging its position in the market.

In the case of the NCAA, what we have here is teams that compete against each other for athletes artificially placing limits on what athletes can receive. Competitors reaching agreements to control prices or costs are not part of a free market.