The most elite players in college football increase revenue for their school football programs by an average of $650,000 a year, according to a study conducted by Trevon Logan, professor of economics at the Ohio State University and Stephen Bergman, former undergraduate student at OSU.
While college athletes can contribute significantly to their schools, however, the net worth of an athlete can be a challenging subject to unravel. In addition to scholarships, the 2021 implementation of the name, image, and likeness (NIL) has brought a variety of advantages to light for college athletes across the country while complicating the NFL draft in the process. From the scope of NIL deals to how one Buccaneer is making a positive impact, the benefits involved can extend well beyond financial compensation.
The newfound value of NIL
NIL is defined as an athlete’s ability to profit off themselves, according to one Sports Illustrated CFB-HQ post. This enables players the right to publicity that the National Collegiate Athletic Association (NCAA) didn’t allow previously, effectively opening the door to financial opportunity for student athletes beyond scholarships. One example of NIL deals include players accepting money from businesses in exchange for promotion, SI explains.
NIL deals not only allow college athletes to make money throughout their college career, but they enable athletes to focus on their educational goals and their sports endeavors. The NCAA implemented the interim policy on NIL back in June of 2021. While there are a number of benefits involved for student athletes, however, the NCAA points out that NIL laws vary by state, and colleges and universities can have their own unique NIL rules as well.
Former Buccaneers QB gets involved
In 2021, Tampa Bay Buccaneers quarterback Tom Brady signed NIL deals with college athletes for his apparel line, Brady. A Medium article from Creators’ Legal cites the details outlined by Brady in a statement released in 2021. “We’ve created an innovative program where top college athletes can come to our facilities, attend workouts with me and my training staff, and sign an NIL deal where they don’t have to pay anything for apparel or shoes. They just have to promise not to go pro.” Brady goes on to note that he wants these young men and women to succeed academically, stating “I want them to have their degree, no matter what their major is,” he said, going on to point out that this is why all of his products are free for players who maintain a certain grade-point average (and who graduate within four years).
The financial complexities of college athletes
According to one PBS article, the highest-grossing college athletes reap a small amount of the revenues they generate during their time as a student athlete. For context, it’s noted that of the $15.8 billion in revenues that went to the NCAA’s Division I athletics enterprise in 2019, just $2.9 billion, or 18.2% was “returned to athletes in the form of athletics scholarships.” Additionally, it’s pointed out that just one percent went towards medical treatment and insurance protections, while 35% was spent on administrative and coach compensation (and 18% on “lavish facilities”).
One CBS Sports article highlights the fact that while NIL deals are becoming more accepted, it’s still a challenge to know exactly what players are making, though ballpark ranges can help gather an idea. Online resources can prove to be immensely helpful when aiming to discover the net worth of different college athletes. This can be particularly useful when exploring those who may have the potential to one day go pro. For example, Korey Foreman, a key defensive player for USC, remains one of the top earners among college players. Foreman’s NIL deals, like those of many other top college athletes, contribute significantly to an athlete’s net worth, which helps boost his status as a top recruit.
From NIL to NFL — exploring the impact
Despite its implementation in 2021, NIL in college football is already making an impact on the NFL draft. One LA Times article points out that in some cases, NIL has impacted the draft by “diluting the caliber of players available in the later rounds,” according to many NFL evaluators. “People are being talked into staying in college, because you’re making reasonable money, and money that’s newly found, and you’ve got a chance to continue to get better,” said CBS college football analyst Rick Neuheisel.
Neuheisel goes on to explain that coaches may point out to players that they could stick around and go up a couple of rounds in the next year, which can be appealing to many. The LA Times article goes on to cite quarterback evaluator Greg Cosell, who further dives into the impact of NIL on the draft, noting that the lesser athletes who research where they’re going to be drafted are more likely to stay in college. Furthermore, Cosell notes that many players will look for their best opportunity to make the most NIL money, with some transferring three or even four times, which can be another factor at play in regard to how NIL can impact the NFL drafts.
For future Tampa Bay Buccaneers, college NIL deals for players can highlight significant advantages when it comes to NFL recruitment. “I think it gives them [the NFL] a better idea of what kind of professional and what kind of player they are getting,” said journalist and attorney Jonathan Schopp. NIL deals not only provide a college athlete with financial benefits, but everything that comes along with it — including financial literacy and smart money management. Credibility as a player and how an athlete manages their personal brand can also highlight an athlete’s value in terms of responsibility and their character.
The implementation of NIL deals in 2021 have brought to light a variety of advantages to college athletes, enabling them to take advantage of financial opportunity while remaining focused on academic and sporting endeavors. For those on track to one day join the Buccaneers, prior NIL deals can serve as beneficial experience while highlighting a player’s strengths.
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