Proven tips to jump-start Name, Image and Likeness Deals
Finally, Daxter’s second year in college was starting. A lengthy pandemic had his freshman season being cut short. After months of practicing his skills in solitude in a dimly lit garage, Daxter felt more than ready. Together with his best friend Trevor, whom he knew since third grade, both hoopers had been standout basketball players at Dickinson High. Their journey had continued at a local NCAA-I program. After Daxter got recruited, his friend enrolled at the same school and earned a place on the basketball team as a walk-on.
The summer had looked great. Especially after California passed a bill allowing athletes to profit from their Name, Image and Likeness (NIL). Finally college student athletes were able to sign endorsements without losing their athletic eligibility. Daxter read every article he could find about the new NIL rules. He also talked with his parents about how this NIL policy could work to his benefit.
Starting Young
Daxter was used to being cheered on during basketball games from a young age. When he played on travel teams as a teenager, he was being filmed by random spectators and young players would ask for pictures. Being in the spotlight had also gained him a decent amount of followers on his social media outlets.
His parents were great people and both respectable athletes themselves. His mom had played for the women’s volleyball team at UCLA. After College, she spent a good amount of years playing professionally in Europe, where she had met her husband. Daxter’s dad had been a decorated Olympic men’s wheelchair basketball player. After his playing career he became a successful basketball coach in Europe.
Great advice
Regarding NIL opportunities, his parents provided Daxter with some good suggestions. First off, they explained to him that getting paid would come with responsibilities. Secondly, they asked Daxter what would change when companies showed interest in paying him for endorsements. Lastly, they made Daxter aware of the impact his social media presence would have.
Planning to cash in with Name Image & Likeness?
This Course is developed for College Athletes, High School athletes and Sports Parents. You will learn everything about Name, Image and Likeness and how to benefit from NIL deals.
Name, Image and Likeness Deals
Ready to ink your first NIL Deal?
The story we started this Blogpost with, shows what might get you excited about the new implemented Name, Image and Likeness law. Since July 1st of 2021, the NCAA has adapted their own interim NIL policy. With this policy in place, NCAA college students get the chance to profit off their Name, Image and Likeness. Finding endorsement deals will no longer interfere with their athletic eligibility. Due to the fact that the policy is still an interim bylaw, this makes opportunities challenging. Hopefully in the near future NIL will be regulated for all states by the government.
The State of California signed Bill 26 into law which took effect on Sept 1st, 2021. Through this law, student athletes attending NCAA or NAIA programs in California, are now able to profit from their Name, Image and Likeness. In 2019, California had been the first state to sign a Fair Pay to Play act. By then, the NCAA still prevented student athletes from making money from their Name, Image and Likeness.
Athletes & Parents, if you have questions I am here!
Student athletes interested in making money using their Name, Image and Likeness should find out if there are NIL laws in the state where their school is located. They should also check their school’s own policies regarding NIL. Look within the Athletic Department for a compliance director, who can oftentimes give advice about these rules.
Since April 2022, besides California, the States of Alaska, Colorado, Connecticut, Idaho, Kansas, Louisiana, Maine, Minnesota, Nebraska, New Jersey, New York, North Dakota and Utah also allow NIL rights to High School athletes. And many more States have followed since.
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Name, Image and Likeness Deals
The three R’s about NIL Deals
Daxter’s parents emphasized three key points with him. The first one, related to research, had to do with responsibility. Checking out the basics regarding Name, Image and Likeness laws in the State your school is situated and finding out school rules are both essential when it comes to taking responsibility.
Secondly, his parents asked Daxter what would change for him, when companies would endorse him. This second point also touches on responsibility. It also shows that no matter how appealing an opportunity, make sure it represents both you and the company or brand well.
With negotiating a NIL deal, you commit yourself to obligations both you and a company agree upon. This means that you need to realize how fitting the agreement is for you. Is it matching your personal values? Can you deliver what is being asked of you time wise? Realize that signing a NIL will be give and take from both sides involved.
Once a company or brand notices your representation of them is letting up, it will probably impact your contract and extra income. It might also impact your athletic eligibility. The NCAA prohibits ‘quid pro quo’ under their new interim NIL policy. An example of quid pro quo when you get financial compensation for work that you don’t do.
Planning to cash in with Name Image & Likeness?
This Course is developed for Student-Athletes, High School athletes and Sports Parents. You will learn everything about Name, Image and Likeness and how to benefit from NIL deals.
Daxter and his parents talked about what earning money and getting more attention can do with young athletes. The moment he entered a gym, but also during the day at school, people seemed to want something from him. How would he handle himself? In the line of both responsibility and representation, the third R-word we touch on is respect.
No matter how great the endorsement opportunities, Daxter’s first priority is being a team player. Nothing he does or signs up for, should negatively impact the team spirit. Playing basketball and being a good leader was what got him recruited to represent the university’s team. Even though he is able to generate income by being a successful athlete, there is no need to become arrogant.
Name, Image and Likeness Deals
NIL Deals for International Student Athletes
Unfortunately, for International student-athletes there is currently no opportunity in the U.S. to profit from endorsement deals, regarding their NIL. The reason why this large group is excluded, has to do with their Visa F-1 regulations, prohibiting International students to get paid for labor unless it is in their field of study. The U.S. Citizenship and Immigration Services list on their website all the rules International Students need to comply with.
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Name, Image and Likeness Deals
Score your first endorsement
If you can get the opportunity to profit from your Name, Image and Likeness and it fits your character, go for it! Take this as a great learning opportunity. Later in your professional career and life, you will encounter more of these opportunities like reviewing contracts, knowing your worth and learning to manage money wisely. Keep in mind that responsibility, representation and respect are three key factors that can make scoring a NIL deal a success.
