July Program Recap – What’s in a Name?: Perspectives on Name, Image, and Likeness (NIL)
Article by Brandon Kelley, a student in Florida State University’s Sport Management Program
Date: July 27, 2023
Location: FSU Alumni Association
Speakers:
– Ben Chase / Director of NIL Strategy, University of Florida
– Will Cowen / Chief Operating Officer, Rising Spear
– Michaela Edenfield / Catcher, FSU Seminoles Softball
– Will Hall / Attorney, Dean Mead
– Joe Hernandez / Founder and CEO, Just Win Management Group
– Hugh Tomlinson / Director of Development & Planned Giving, Seminole Boosters (Moderator)
It is the new frontier of the collegiate sports world. It has a “get on board or get left behind” mindset. That is the new realm of NIL (Name, Image, and Likeness). Or, in other words, the avenue that college athletes can now go about to be paid for their personal “brands” through the utilization of collectives.
Recently, the FPRA Capital Chapter, along with the Economic Club of Florida, hosted a panel discussion that featured five professionals in the new world of NIL. They discussed various topics including the role of collectives, potential legal challenges that could arise, how NIL can boost local economies, and the ways that fans and local communities can get involved personally.
Top Takeaways:
What is a collective?
A collective is an organization that is designed to pull resources from multiple different avenues that can then be utilized to offer paid endorsement opportunities to student-athletes. Many universities have multiple collectives with different intentions and processes for utilizing NIL.
What are potential legal challenges?
With each NIL contract that is signed by an athlete, they have certain responsibilities that they are required to complete. This includes marketing requirements and service requirements. One of the biggest legal challenges that could potentially arise is a breach of this contract.
How can NIL boost local economies?
NIL provides numerous opportunities for local businesses to play a big part in an athletes’ experience while at their university. For example, a business can reach out to their university’s collective and ask to have a certain athlete promote their brand. The business would then provide compensation to those athletes. It is a partnership. This can become a huge factor in local communities because through the marketing of the athletes, this will bring more revenue to the business, and ultimately the local community.
How can fans and local residents get involved with NIL?
It is very simple for people to get involved with their local collectives: simply reach out to them and let them know that you want to donate! You can also specify which team or athlete you would like to support.
Overall, the landscape of collegiate athletics is quickly changing, and the opportunities for athletes to profit from their NIL are all around.
It is clear NIL is here to stay.