Many states, including Florida, Alabama, Georgia, and Texas, passed laws governing how college athletes can earn money while playing for their schools. The NCAA saw the writing on the wall and lifted the restrictions on athletic payments, paving the way for athletes to earn money while playing for their schools opening up a whole new horizon of business opportunities for the athlete and the astute entrepreneur – Name, Image, and Likeness (NIL) deals.
The NCAA serves as the governing body for nearly all of the major institutions of higher learning in the United States that have athletic programs. And with approximately With 480,000 players competing in NCAA college athletics, one could claim that the landscape for prospective business prospects hasn’t been greater since the 1990s and the dawn of the internet.
As soon as the news came on June 30, collegiate players around the country used social media to open themselves up to new commercial prospects. It didn’t matter if they were representing major market shows, big market sports, or had massive followings across several platforms; the news leaked and the thirst for the business grew.
For far too long, NCAA talents have fought for, lobbied for, and some would argue deserved this day. These athletes are eager to work with brands, promote themselves, and earn money in the process.
What Exactly Is NIL?
NIL refers to a student name, athlete’s image, and likeness, or brand.
The NCAA Football video game franchise published by EA Sports is among the most visible examples of NCAA athletes who are not compensated for the use of their NIL. Due to NFL players possessing a union to defend them, the identical EA Sports NFL series, Madden, pays NFL athletes more than $16,000 per member to utilize their NIL for each game (NFL Players Association).
Some institutions even joined the discussion to demonstrate the social media benefits of their student-athletes. Aside from expressing support for and applauding the NCAA’s amended rule. Some universities went over and beyond to assist their athletes in proving their value-add to brands globally.
Texas Track and Field, for example, released a detailed visual that displays not just the athletic body’s overall social media growth, but also an individual breakdown of two athletes’ social media activity and followings.
How Do You Become an Agent When You’re a College Freshman?
NIL has made it possible for you and your roommate, the basketball team’s sharpshooting guard, to be compensated! Most college players will likely lack the time and energy to advertise themselves around town for engagements and endorsements. They must attend practices, games, and ideally classes to be eligible to play (and reap the NIL benefits). They will require the assistance of an “agent.” This is when a fellow student (or anyone wishing to be a sports agent) can step in and undertake the legwork for that athlete. You make the connections, discover the athlete, and bring the two together for a fee.
A plan is essential for a player and a new agent to be successful. Athletes and agents looking for endorsement deals must approach the situation like a business. Recognize what the athlete has to offer in terms of image. They are not likeable simply because they are the star quarterback. The kicker, on the other hand, may be the team’s most personable player. A prospective agent should approach an athlete having a plan and contacts ready to go in their hip pocket.
What’s New with NIL and the NCAA Today?
Beginning today, college athletes can take advantage of two important revisions in the NCAA’s NIL laws and finally begin receiving compensation.
NCAA talents are permitted to be compensated for third-party sponsorships relating to athletics that do not involve the school or conference.
This certainly opens up a plethora of marketing potential for both businesses and athletes. But how easy can it be to work with collegiate players aged 18 to 22? Can they even add value? Is it possible to scale quickly? We will look at some of these questions in more detail below.
College Athletes: Do They Have Scalable Reach?
Most college players will be what the influencer marketing industry refers to as “micro-influencers,” with 1,000 to 5,000 social media followers.
Typical micro-influencers, on the other hand, have a niche or emphasis for their content, such as clothing, tech, fitness, and so on. It’s reasonable to say that, most college athletes, were probably using their social media accounts, sharing pictures of vacations, debating whether A is greater than B, or posting dances or other talent displaying videos on TikTok. So it remains to be seen whether the average collegiate athlete will be a useful influencer.
In the Future
To summarise, there are numerous chances for marketers to get creative NCAA talents with how they dip their toes into the NIL waters, especially now that platforms like Instagram are increasing link-sharing features and TikTok is offering business tools. We’re waiting to see what’s next.
