Quarterback Jaden Rashada has been the talk of the recruiting world because of the scenario that has played out between him and Florida.

Rashada, the No. 27 recruit in the 2023 class, signed with Florida in December but asked for a release from his national letter of intent on Jan. 17. Florida granted the request on Friday. It has been a wild few weeks with reports of multimillion-dollar NIL deals and promises that have ultimately fallen through.

Rashada's situation is a product of the new college football landscape with the transfer portal and name, image and likeness opportunities for players.

What's next for Rashada and Florida? And even more importantly, what does this high-profile case say about the state of NIL and where it's going? Our reporters break it down.

How did we get here?

??Rashada started picking up bigger offers in 2020, when he was a sophomore at IMG Academy. He received offers from Cal, Penn State, Arizona State and Auburn, among a few others.

He started his high school career at Brentwood (California) Liberty High School for his freshman season, then transferred to IMG Academy in Bradenton, Florida, and finished his high school career at Pittsburg High School in California. He racked up more offers his junior season and became one of the more sought-after quarterbacks in the 2023 class.

He took visits to schools around the country but committed to Miami in June 2022, choosing the Hurricanes over Florida, LSU, Ole Miss and Texas A&M at the time.

Florida had finished a close second the first time around, and Gators coaches continued recruiting Rashada, eventually getting him to flip in November, only a few months after he chose Miami.

A person familiar with the situation told the Associated Press that Florida's Gator Collective had offered Rashada a $13 million NIL deal to sign with the Gators. Rashada signed with Florida during the early signing period in December and looked as though he was set to enroll in Gainesville.

However, he requested a release from his national letter of intent on Jan. 17 after it was reported the NIL deal had fallen through and was granted the release on Jan. 20. Rashada is prepared to sign with and play for another team in 2023 after signing with the Gators mere weeks ago.