In simple terms, NIL stands for Name, Image, and Likeness. Beginning July 2021 the NCAA changed it’s long-standing rules and allowed collegiate athletes to profit from their personal brand — their name, image and likeness.
This has opened up an entirely new market for companies and organizations to partner with these athletes and include them in their overall marketing plan.
In the first year of NIL we’ve seen a variety of deals between companies, organizations and collegiate athletes ranging from simple social media posts and endorsements to involved and extended campaigns.
There’s been some giant deals out there for sure – but the majority of NIL deals are much smaller and average around $1250.
And who is on deck? High School athletes. Many states have already approved NIL for their high school students with Pennsylvania expected to be next as early as December 2022.
It’s not the wild wild west – but it’s certainly a new and exciting frontier in sports marketing.