What Does NIL Mean for You
As of July 1, 2021, all NCAA athletes will be able to profit from their Name, Image and Likeness (NIL).
At Influencer Counsel, we have experience managing athletes’ NIL issues and helping them understand, and ultimately take control of, their rights. Watch our interview at Florida Citrus Sports HS Football Media Days with Ronnie Bitman & Dan LaForest to learn more.
Understanding Name, Image, and Likeness (NIL)
NCAA Athletes can profit from their Name, Image, and Likeness (NIL)
– Supreme Court Ruling 2021
- Empowering Families: Education is essential not only to the student-athlete but also to their families, as some of these opportunities can be substantial in nature. Understanding the contractual obligations, financial windfall, and tax liabilities is a reality that many student-athletes and their families find overwhelming. We’re here to help families navigate this new financial landscape so athletes can focus on maximizing their NIL potential.
- Unlocking the Potential: With roughly 2% of college athletes getting the opportunity to turn professional, NIL offers many a chance to set themselves up for a comfortable adult life. Proper guidance on NIL can help student-athletes capitalize on this opportunity, preparing them for long-term financial stability.
Navigating NIL and Maintaining Amateurism
While NIL opportunities offer a new way for student-athletes to profit, maintaining amateurism at the high school level is crucial. Governing bodies like the Florida High School Athletic Association (FHSAA) emphasize the importance of protecting amateur status to preserve eligibility for future collegiate competition
- Protecting Eligibility: A Key to NIL Success NIL compliance doesn’t end at high school. Student-athletes aspiring to play at the collegiate level must ensure their NIL activities align with the eligibility standards set by organizations like the National Collegiate Athletic Association (NCAA), National Association of Intercollegiate Athletics (NAIA), and National Junior College Athletic Association (NJCAA). Regular communication with these associations is critical to maintaining eligibility while taking advantage of NIL opportunities.
- Legal and Tax Considerations for NIL: Before engaging in any NIL activity, we encourage student-athletes and their families to seek legal counsel and tax advice. Understanding the contractual obligations, financial responsibilities, and tax implications of NIL deals will help athletes safeguard their future athletic careers while benefiting from these opportunities.
A New Financial Responsibility
Name, Image, and Likeness (NIL) is a hot topic in college athletics.
With the introduction of NIL, student-athletes face a new level of financial responsibility. With proper education and support, families can help their student-athletes navigate NIL opportunities, ensuring both financial security and future success. We’re here to provide the guidance needed to make informed decisions that will benefit student-athletes for years to come.
The ability for college athletes to monetize their hard work has created opportunities that at one time seemed to be an impossibility.
- Negotiations: This is an exciting time for NCAA athletes and the opportunities are vast and relatively unlimited, provided they can understand the rules and laws governing compensation for NIL. We have your best interest in mind and will negotiate on your behalf.
- Contracts: With these opportunities, there is a level of responsibility and challenges that young adults often need help with.
Influencer Counsel can provide advice as well as write, edit, and review contracts.
NCAA & Florida Laws
The National Collegiate Athletic Association (NCAA) has strict rules in regard to NIL and student-athlete relations..
- All companies entering NIL deals, the college, and student-athlete must comply with NCAA rules.
- A NIL deal can not be used to entice an individual to enter into a commitment to play at a particular college program.
- Florida HB 7-B, the Intercollegiate Athlete Compensation and Rights Bill, aims to reduce those barriers and increase access for student-athletes to benefit from NIL and was signed into law on February 17, 2023.
- The new Florida law expands the financial literacy and life skills workshops that post-secondary institutions must provide for their student-athletes. According to the statute, “a post-secondary educational institution must conduct.
- At least two financial literacy, life skills, and entrepreneurship workshops, each for a minimum of five hours, before the graduation of an intercollegiate athlete. The workshops may not be identical, and the second must include more rigorous instruction. The workshops may not be conducted in the same semester. Each workshop must, at a minimum, include information concerning entrepreneurship, financial aid, debt management, and a recommended budget for full and partial grant-in-aid intercollegiate athletes based on the current academic years’ cost of attendance.” (Fla. Stat. 1006.74(2))
Athletes need lawyers they can trust, which is why our team of seasoned influencer attorneys are the advocates you need to protect your livelihood and likeness.
Contact Influencer Counsel online or call our offices for more information.
