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Wouldn't be an NCAA violation until he signs his LOI.
Right now he's just a high school athlete without any contractual (LOI) ties to any school.
And, there is nothing wrong with pocketing some cash. If I recall correctly, Elam's family isn't exactly dining on lobster every night, and selling his jersey, which he is asking $300 for, is what he thinks can help out.
That's pretty irrelevant. It's about amateur status. Can't be profiting off your athletic career at any point prior or during your time as an amateur athlete in the NCAA (unless it follows some very specific exceptions). So yeah... there is "something wrong with pocketing some cash"... same logic as why you can't just take oodles of money from fans/boosters before you sign your LOI.
This is not the end of the world, just like how selling a game used jersey in college isn't the "end of the world," but he'd absolutely be on the hook for something like this when it comes time to fill out the first NCAA questionnaire he receives... and then he'll subject to penalties if he ever wants to play college football. The absolute worst thing he can do in this situation is lie about it if he put it on eBay. Simply pleading ignorance and taking it down before any items sell will get him off with less than a Mazniel. Lying to the NCAA about it could cost him some eligibility if he isn't careful.