Protecting Student-Athletes' Interests
Intro
I want to be clear that I don’t believe that predatory behavior is rampant in NIL. I’ve observed far more incompetence than bad actors.
But my experience in NIL since I launched Student-Athlete Insights in 2020, coupled with the data I collect, point to four areas in which we should strive to improve how we are protecting student-athletes.
Navigating the Industry Landscape
Despite the voices calling for more NIL regulation, we already have numerous laws, policies and guidelines to contend with. Not to mention the role that the Federal government already has in NIL.
But it’s clear that student-athletes need more education on the very basics of NIL, starting with the rules. Most athletes don’t know their state laws, the NCAA guidelines (or if applicable, their state high school’s guidelines), their school’s policy, the FTC guidelines, and more.
I know it’s en vogue to talk about supporting student athletes in all sorts of more sophisticated ways (and I’m guilty of that too in this week’s newsletter), but the best thing we can do is lay a better foundation of the rules to be followed.
Personal Branding = Career Branding
“Personal Branding” has become directly tied to NIL since the Summer of 2021. There is no doubt that student-athletes need more help building and managing their personal brand.
But the reason I’m such an advocate of personal branding is that it’s truly one of the elements of NIL that can and should be embraced by every student-athlete - in every sport and every Division.
Why? Because we know that crafting a compelling narrative, creating engaging content for social media, and strategizing a personal brand has a positive (and long-term) impact on one’s career. So if a student-athlete doesn’t care for NIL, no problem - they can still use this moment to focus on “Career Branding” if they don’t like the sound of “Personal Branding.”
Filtering Opportunities > Contract Negotiation
Student-Athletes need more help filtering opportunities and negotiating the agreements that they pursue. (Only about 3% of student-athletes say they have used an attorney.)
At the very top of the market - where Power Five QB’s and national brands meet - there is as much of an issue. But just a few steps down from that rarified air, student-athletes are naive and unsupported as they vet potential opportunities from inexperienced local businesses and startups. The support they need is to ensure that they are associated with reputable organizations that align with their values and brand.
And for the opportunities that are worth pursuing, student-athletes need more support to secure favorable contracts. Negotiating an agreement would be difficult even under normal circumstances, but the lack of shared financial data in the new NIL “industry” makes identifying fair terms a tough task.
Teaching How to Vet and Hire Experts
I don’t think we have gone far enough in protecting student-athletes, but mainly because I think we need to add something to our approach.
Based on survey data from student-athletes, I suggest that we train them on how to hire and/or use experts and service providers in addition to educating them about a wide range of subjects from contract negotiation to finance.
Ultimately, what we most care about is that student-athletes are protected and have positive outcomes in their NIL dealings. One way to achieve that may be teaching student-athletes how to vet and ultimately hire subject matter experts in addition to striving to become one themselves.
Interested in NIL? There are 3 ways I can help you:
1. Coaching; I provide NIL Workshops or if you're looking for a deep dive into NIL, consider applying to the next session of the NIL/mba program. Read more here.
2. Digital Courses; I have developed a series of self-paced video courses that educate you on your journey to understand, adapt, or capitalize on NIL. Read more here.
3. Consulting; If you are interested in NIL consulting, please email me at bill@studentathleteinsights.com.
Bill Carter is an NIL Consultant, Educator, and Speaker. He is a NIL Columnist for Sports Business Journal and teaches NIL in College Sports at the University of Vermont’s Grossman School of Business. Click here to read about Bill’s NIL Consulting and NIL Education for sports organizations, universities, and brands.