The fallout from Yahoo's investigation into alleged illicit benefits paid to former and current SEC players could be move past a possible NCAA investigation. The agents involved in the story could be subject to legal penalties under Alabama sports agent laws, via AL.com.
Alabama law requires sports agents to register with the Alabama Athlete Agents Commission in order to work in the state. Agents who intentionally do not register can be charged with a Class C felony and face between one to 10 years in prison and a $5,000 fine. If an unregistered agent contacts a collegiate athlete, that's a misdemeanor, with a sentence of up to one year in prison and a possible $2,000 fine.
Agents Andy Simms, Peter Schaffer and John Phillips, all implicated in the story, are all registered in the state of Alabama. The legal punishment could therefore fall on Davis, who is not registered in the state, if the courts decide he is an agent (and if they decide to pursue it).
The University of Alabama has lawyered up, consulting with a firm they have worked with previously.