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Thursday marked the first day NCAA athletes were permitted to sign endorsement deals and earn money from their name, image and likeness without fear of losing their college eligibility, and several student-athletes have already inked agreements with businesses large and small throughout the country.
Fresno State Basketball players Haley (L) and Hanna Cavinder (R) announce endorsements on July 01, … [+] 2021 in New York City. Their announcement comes following a decision by the NCAA to allow collegiate athletes to earn income based on their name, image and likeness (NIL). (Photo by John Lamparski/Getty Images)
University of Miami quarterback D’Eriq King and defensive end Bubba Bolden agreed to deals worth a reported $20,000 to promote Florida-based moving company College Hunks on social media.
King also partnered with Florida State quarterback McKenzie Milton to co-found Dreamfield, a company that will assist student-athletes in booking live events, such as autograph signings and speaking engagements.
Fresno State basketball players Hanna and Haley Cavinder, twins whose joint TikTok account has more than 3.3 million followers, have signed marketing agreements to represent Boost Mobile and Six Star Pro Nutrition.
Baylor basketball player Jared Butler is one of many student-athletes who have joined Cameo, which charges money for sending personalized videos (Butler’s videos cost $45).
Auburn quarterback Bo Nix inked a deal with Milo’s Sweet Tea.
Michigan State kicker Matthew Coghlin humorously promoted a podcast about Spartan football on Thursday, posting: “THIS IS A PAID TWEET TO TELL YOU TO LISTEN TO THE LOCKED ON SPARTANS PODCAST. I’VE NEVER LISTENED TO IT, BUT I’M SURE IT’S NOT TERRIBLE.”
Last week, the Supreme Court ruled unanimously against the National Collegiate Athletic Association in a dispute over what compensation schools can offer students who play for their sports teams. Student-athletes had sued the NCAA, alleging it was violating federal antitrust laws with its rules that limit student compensation on education-related benefits. And the NCAA was facing a deadline this week, as six states were set to enact laws that would enable players to profit from the use of their name, image and likeness — known by its abbreviation “NIL.” The Division I Council, an influential group that includes NCAA conference commissioners and athletic directors, formally recommended Monday that its Board of Directors adopt a NIL policy on an interim basis. The directors officially signed off on the policy Wednesday.
LSU gymnast Olivia Dunne has yet to announce any marketing agreements officially, but pundits are predicting she may earn more than any other student-athlete. Dunne is the only NCAA athlete with more than one million followers on both TikTok and Instagram.
Brigham Young University athletics director Tom Holmoe announced Thursday that BYU athletes are prohibited from entering into agreements with companies that fail to conform to the school’s honor code. “Some examples of such prohibited areas include, but are not limited to, alcohol, tobacco, gambling, adult entertainment, coffee, etc.,” Holmoe stated. “Student-athletes must comply with BYU Honor Code Standards, including the University Dress & Grooming Standards, while engaging in NIL activities.”
7%. A study released last summer by the National Bureau of Economic Research found that less than 7% of the National Collegiate Athletic Association’s revenue —more than $8 billion annually—finds its way to football and men’s basketball players through scholarships and living stipends.
College Athletes Can Start Making Money Off Their Name And Fame, NCAA Rules (Forbes)
NCAA Council Recommends Interim Policy Allowing Athletes To Monetize Their Name, Image And Likenesses (Forbes)