In this episode, we welcome Tom Bower and Ryan Maxwell of The Virtus Brand. We take the time to discuss the basics of the Name Image and Likeness (NIL) and how it can benefit student athletes. We take the time to talk about what NIL is, what the benefits are, as well as what student athletes need to watch out for. We talk about specific examples to include Top 25 class of 2023 guard Reed Sheppard as well as whether high school and prep school athletes can take advantage of this. They can! This episode highlights a new area of the athletic landscape that both current high school/prep school players and college athletes need to explore. If you have any questions feel free to reach out to The Virtus Brand directly.
What You Will Learn
- [1:37] What is Name Image Likeness (NIL)?
- [3:04] What sort of NIL deals are there for college athletes?
- [4:40] How can the Virtus Brand helps athletes navigate NILs?
- [10:10] Do college athletes need approval before making a deal from the schools compliance office?
- [11:57] Example of deals the compliance office will or have turned down.
- [17:26] Where are the NIL rules coming from NCAA, schools and states?
- [19:51] Worst case scenario in terms of the laws.
- [20:28] Quid pro quo
- [21:55] Advice to high school, prep school, post grad student athletes on how to start thinking about NILs?
- [26:45] Are NILs becoming a part of college recruiting?
- [32:54] Example- Emoni Bates + Jalen Duren committing to Memphis and their $1M Fed Ex sponsorship.
- [34:56] Tensions in locker room over deals and how will it affect team chemistry?
- [38:30] Prep school examples
- [41:55] Tax implications
- [43:45] Who can’t do NIL deals.
- [47:41] Unique and interesting deals.
- [52:40] Do the smaller sports have marketability in the NIL market?
- [55:50] Example- What makes UK basketball commit Reed Sheppard so marketable for NIL purposes?
- [58:13] Last words of NIL.
- [1:00:13] Advice to young people and families..
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