I don't want to get too caught up again in what is ultimately a debate (how the athletic department should spend their funds), but there are about 5 programs Alabama can't outspend at will in the NIL era. One or two of those though, are purely using booster funds to make up for weak athletic departments.
Ohio State, Texas, and Texas A&M all can outspend Alabama in such a way that it would be nearly impossible for Alabama to match them, if their boosters feel like spending! That last part is important, the programs are heavily subject to the whims of the boosters.
Other than that though, Alabama has a huge amount of leverage that programs like Texas Tech and Oregon do not have. Alabama's athletic department makes 100 million more than Texas Tech, they make 60 million more than Oregon. That includes about 50 million per year in donations to Alabama's athletic department.
So, ultimately this becomes a matter of priorities. If Alabama and the boosters collectively decide they really want to compete with NIL, they have the capacity. They just have to change how the money is flowing.