College sports are one of the most viewed sporting activities in the nation, which also bring huge viewerships. With that said, top college athletes, can now become popular and become trendsetters. This brought into question if college athletes can make money through this. Since college athletes are amateurs, they are not paid directly by the colleges. However, the NCAA made a very popular proposition known as the Name, Image and, Likeness (NIL).
The NIL policy was brought on board by the NCAA on July 1, 2021. This is a policy that allows student-athletes to earn money from this. However, each state has different laws governing NIL policies. This causes huge disparity among student-athletes nationwide. The new NCAA chairman, Charlie Baker, has decided to invite Congress to help out to make a uniform law governing these deals.
NIL deals provide huge incentives for college athletes to earn monetary rewards
However, this idea of involving the government was not welcomed by Hall of Famer, Charles Barkley. Regardless of the disparity in law between states, student-athletes can make huge benefits out of it. College athletes can use their name, image, and likeness, to sign lucrative deals with several brands. However, NIL deals do not mean that the college grants monetary compensation but rather provides benefits for improvement.
NIL deals struck between a college athlete and a brand helps the brand popularise itself by using the athlete’s talents and popularity. This involves wearing a particular sneaker to all their games sponsored by them. Using social media to promote their products help them get money for it, depending upon their popularity. It’s a win for both parties, as brands can popularise themselves and students to start earning money.
LSU’s Angel Reese now has an On3 NIL Valuation of $1.3M🤯
She has gained over 2 million followers across her social media platforms since the beginning of March Madness📈
Reese is now the highest projected earner in all of Women’s College Basketball💰https://t.co/GE4vYepSy5 pic.twitter.com/pl0wO5OJWv
— On3 (@On3sports) April 11, 2023
Last night’s NCAA champion Angel Reese has the most NIL deals in overall college basketball with 17. College basketball students earn between $20,000 to $62,000 annually. The average annual pay for college basketball athletes in the United States is estimated at around $34,802. The highest-paid college athlete is Bryce Young who has already earned close to a million dollars by the end of 2022.
Football is one of the highest watched college sports and also the most lucrative for any athlete. Basketball is the second-most lucrative sport for a college athlete. However, there is hardly any gender disparity among college athletes, and any athlete can land a huge deal with any brand. The very first NIL deals that were struck were with female basketball players.