Are you or someone you know a college athlete? If so, you've probably heard about name, image, or likeness (NIL) deals. They can be great for college athletes who want to profit from their "athlete" status, separate from playing the sport. This blog will list some tips for athletes who want to take advantage of their new ability to profit from their NIL.
1. Be aware that any scholarships or grants awarded to you by a College or University cannot be reduced or revoked just because you earn profits from your NIL.
2. Keep your NIL deals private. There is no longer a statutory requirement to disclose your NIL deals to your School.
3. Attend the 2 workshops on financial literacy, life skills, and entrepreneurship that your School will offer. It is a requirement under Florida law, and a rather small trade-off for the ability to keep all of your NIL profits.
4. Seek professional representation, by an attorney and/ or agent, to help you secure your NIL deal. Your school cannot interfere in any way with such representation and these professionals will have your best interests in mind.
1. Sign an NIL deal that is contingent upon you attending a particular school. Not only are these impermissible under NCAA policies, but you want to have the flexibility to change your mind later.
2. Accept "pay for play" compensation where a school offers you money to play for it. The NCAA still forbids this.
3. Contract for compensation that is tied to your performance.
4. Imply that your School endorses the product or service in your deal. Your NIL deal is with you personally, so by bringing your School into it you may open yourself up to liability.
Contact Venustas Law for advice regarding your NIL deal or questions about your rights under the contract.