Athletes can now make money off of their name, likeness, and image, a move that has already changed the landscape of college athletics, check out the meaning of a NIL deal
If you’re unclear about the situation regarding NIL money and college athletes, we can explain what’s going on.
The NIL money debate
After decades of petitioning, college athletes can now rejoice that the NCAA has changed its policies regarding getting no compensation.
Universities and well-known brands from across the nation are frantically trying to understand the historical decision’s ramifications and, more importantly, how they can profit from it.
To demonstrate that this fervour is not exclusive to those institutions, athletes across the nation are scrambling to determine exactly what they can and cannot do when there is no money at stake.
Explained what is a NIL deal, its meaning, rules and how much money can college players make
NIL Deal: The Cavinder Twins have inked an endorsement deal with Raising Cane's.
Hanna currently holds a $833,000 On3 NIL Valuation, while Haley’s valuation sits at $830,000.
Story: https://t.co/xSzcPTeM4X
On3 NIL Deal Tracker: https://t.co/dC4qN9EGSC pic.twitter.com/pWg01ttzFv
— NIL Deals (@deals_nil) January 31, 2023
There is undoubtedly a tonne of information accessible about signing NIL endorsement deals, but it should be noted that there is much less about how an athlete can get a NIL contract and, more importantly, how much one can be worth.
What is NIL money?
The phrase “NIL money” refers to the money that an athlete can make by entering into a contract that enables them to market their names, likenesses, and images.
It’s crucial to remember that the exact amount of money obtained is dependent on a number of factors, such as the sport at hand, market value, and social media following.
Although football and basketball players presently receive the highest salaries from the NIL market, NIL contracts do exist in other sports.
How do athletes earn NIL money?
While there are many ways for players to secure NIL contracts, the following are the most frequent ones:
- Accepting straight payments for marketing efforts, promotional activities
- Obtaining complimentary or sponsored goods in return for marketing
- Receiving promotional services in return for free or discounted services
- Using social media to promote partner products and earn money
- Becoming a brand or company representative
- Appearing in advertisements, commercials, and digital content
More than 450,000 student-athletes in the US have taken part in campaigns with regional businesses without being paid thus far.
How much money can college athletes make with a NIL deal?
Student-athletes typically earn between $1,000 and $10,000 from NIL deals, but there have been cases where athletes have earned significantly more.
As previously mentioned, those incidents had a direct connection to the sport in question, the athlete’s anticipated degree of success, and the athlete’s sizable social media following.
which was significant, as you might imagine. An example is Bronny James, the high school basketball star and son of Lebron James. Dad’s influence is useful here, but the fact that his NIL is valued at $7.5 million says for itself.
Athletes with the highest NIL valuation, per @On3NIL:
1️⃣ Bronny James
2️⃣ Arch Manning
3️⃣ Mikey Williams
4️⃣ Caleb Williams
5️⃣ Olivia DunneRepresented by @KlutchSports, Bronny James has already inked deals with Beats, Nike and PSD Underwear. pic.twitter.com/vcUqseWA7V
— Boardroom (@boardroom) January 27, 2023