Student athletes can now make MONEY. Here's everything you need to know..
The US Supreme court has finally ruled that College athletes can earn money from their name, image and likeness.
It's about time! The rules made no sense in so many ways. As an American I'm proud of the supreme courts logical decision to take away the NCAA’s "amateurism" loophole that stopped college athletes from making money off their own image. It's been a long time coming! In 2013 a group of athletes filed a anti-trust lawsuit against the NCAA. The public opinion has shifted since then, and this ruling was enviable.
This July, it became official- and student athletes were instantly ready to start earning that money from their "Name, Image & Likeness." It's a whole new era- The worlds of sports & business are colliding. Essentially NO norms & very little rules/guidelines are established yet. It's currently the Wild West for student athletes who are rightfully fired up to start getting paid for endorsing brands like petsmart, milo's sweet tea, Bojangles, boost mobile, and so many others! Let's Go!
"It’s A New Era ‘wild west’ opportunity for entrepreneurial mindset student athletes."
NIL- Name, Image, Likeliness
As much as I would love this story to be purely about entrepreneurship, it's really about endorsements & sponsorships. Entrepreneurship starts with finding a Market and a Product, testing & grinding to get it off the ground. If you're a college athlete you already have this set FOR YOU! The market is the fans of your team, and the product is YOU!
College athletes are docusigning deals like crazy with agencies & individual companies right out of the gate. Some athletes are starting businesses; Selling their own Merch, Starting podcasts... Mo Hasan, USC Trojan QB, started his podcast 'Momentum' inside of an actual truck! There are many strategies to choose, but all of them are related in one major way. The money is coming in specifically from their "Name, Image & Likeness." That's the play for college athletes..
Why is "Name, Image & Likeness" such a big deal?
This historic opportunity is special for college athletes. Their image & likeness ALREADY had a 'built in' love from the fans of their established teams. These people will be fans (and potential customers/followers) of the players on the team. If you were on a rival team, they would hate you. When you leave, they will care more about the current players of the team. These 4 years (only!) will be the highest NIL earning potential these athletes ever have in their life. There are 450,000+ college athletes, how many can you name?
Since the community, alumni & fans already love the team, that automatically increases a player on that team's NIL value. Bigger the fan base, bigger the player's NIL value. BECAUSE they're on the team, these 4 years will be the most valuable NIL period of their lives. So don't blame the players who are already cashing in! There's no time to waste.
Just like the sports they play, being a personal brander comes more naturally for some than others. Still, the best thing you can do is perform. Go to the Final 4! Make a top play and get on sportscaster! Go viral on barstool sports! Being awesome at your sport remains the #1 thing an athlete can do to get more attention. For those who are mid-level tier athletes at smaller schools, the ability to grow a following on social media could be the difference in bringing home the cheese!
"New 'NIL' laws allow student athletes to become their own individual corporations."
Twin basketball players Haley & Hanna Cavinder from Fresno State have more fame from their Tik Tok account than they do from playing women's bball. They have 3 million followers, and their NIL value comes from that! But until now, they weren't allowed to monazite their tie Tok at all BECAUSE of the NCAA rules, insane right? Anyway, now they're getting paid, so don't feel sorry for them. https://www.tiktok.com/@cavindertwins/video/6979943766903786758
Money won't just magically appear to college athlees
For most of the 450K+ college athletes, they won't get mega rich. The opportunities will be set by the market- the bigger the program, the more winning, the more sponsorship opportunies for the players. The future pro athletes will make the most money. For everyone else, the games begin now.
It's important for college kids to know this: Just like any business endeavor, money won't just magically appear into their bank accounts. As a matter of fact, the universities are not legally allowed to pay the players in any way. Athletes don't get a piece of ticket sales, jersey sales, or anything at all from the school.
So the most dedicated NIL value seeking athletes can work harder to make more money. Imagine that! Mostly all the business/endorsement/sponsorship opportunities have to be captured or attacked, just like in real business. It will feel incredible for those hustlers who break through and start to gain huge attention! However, what comes next? The contracts, taxes, emails, negotations, appearances, calendar invites, etc. It's going to be at least SOME work to get going, and it's definitely something to approach with a business mindset. That's key to remember for athletes!
When it comes to the game of making money with your NIL, having a social media presence will obviously be a huge advantage for anyone. It will be fun to see the cringe rookie marketing blunders, the creative strategies to stand out, and how many kids will actually get rich from this rule change.. Let the games Begin!
This is going to be huge. This is absolutely an historic moment. I believe this change will have an overall positive outcome in 10-15 years. I think kids will stay in school longer to develop their mind and their sport. The money will keep them there. The NCAA is basically powerless now, and the floodgates are open. There's already the first NIL millionaire (Alabama's QB Bryce Young) and it's crazy to watch how fast so many athletes prepared, hustled, and jumped right in and start making money on their OWN Name, Image & Likeness! This is a win for everyone involved (except the NCAA!) After seeing this unfold this way and all the deals that have ALREADY been signed, Here's my bold take..
Prediction
Division one athletes will bring in $1 Billion combined in the first year.
That's $5,700 on average for every D1 athlete. That’s alot of beer & pizza money.
Let the new era begin! Thanks for Reading, Share any thoughts with me @SeanLowery20 across social media
Related:
5 Strategies
Most Screwed from previos NIL Laws