How Do I Secure an NIL Deal?

NIL Lawyers at Lyons & Associates, P.C. Guide Clients Through the Process of Securing an NIL Deal.

The recent changes to state laws and NCAA rules now make it possible for student athletes to take advantage of lucrative name, image, and likeness (NIL) deals. That means that you have the opportunity to earn a significant income from things like sponsorships, endorsement deals and paid appearances. While the prospect of being able to profit from the blood, sweat and tears you have invested in your sport over the years is rewarding, the process can be overwhelming when you are adjusting to life as a college student and balancing your commitment to your sport with your educational responsibilities. If you have questions or concerns about where to begin, and how to secure the NIL deal that reflects your goals and interests, you are urged to contact an experienced NIL lawyer.

What Steps Should I Take Before Signing an NIL Contract?

If you have been presented with an NIL contract, it is important to take the following steps to ensure that the contract reflects your personal and financial interests, and that it follows all NCAA rules and regulations:

  • Hire an experienced NIL lawyer. They will thoroughly review the contract you have been offered and negotiate the details of the contract so that you have the most lucrative financial opportunities. Your NIL lawyer will also limit the constraints that could interfere with your sport and ensure that the contract conforms to state laws and NCAA guidelines.
  • Confirm that the NIL contract is based on performing a service, or a quid pro quo. A NIL contract cannot simply be a way to recruit athletes to a particular college or university. The athlete must perform a service in exchange for financial compensation. The best way to avoid potential trouble with a NIL contract is to hold off on agreeing to any NIL deals until you have committed to a school. The NIL opportunities available at each school may influence your decision, but you should not have any contact with boosters or collectives until you have committed to the school.
  • Know your value. Consider the type of company that is the best fit for your image and interests, and make sure that you understand the value to bring to that company. If you have a significant social media following, that adds to your value.
  • Be aware of contractual obligations. Make sure that you have a thorough understanding of the contractual agreements, including the length of the contract and obligations. For example, you should not sign a deal that is longer than four years if you are likely to be a top draft pick, as this could prevent you from taking advantage of more lucrative post-college opportunities.
  • Make sure that the company has the money that you were promised. Since the NCAA policy changes went into effect., companies, boosters, and collectives have offered large sums of money to college-athletes. However, it is important to confirm that the dollar amount that was offered is guaranteed, and if the collective has money in the bank to pay you what you were promised.
  • Consider your long-term goals. It is recommended that you make your college decisions based on your long-term goals. That includes holding off on signing an NIL contract until after you have decided on the school you wish to attend. In addition to avoiding trouble with the NCAA, it is also the best way to increase your long-term earning potential. Consider who is going to pay you the most, while also providing the best opportunity to succeed on and off the field.

What Tips Can Help Me Get an NIL Deal?

If you are interested in securing an NIL deal, and building your brand as an athlete, there are steps you can take to help make that happen, including the following:

  • Build your social media presence on platforms like Instagram, TikTok, and Snapchat.
  • Gain followers. The more followers you have, the more valuable you are to a brand.
  • Reach out to brands that you are interested in partnering with and continue promoting your personal brand.
  • Talk to someone in your college’s compliance department to see if they can help you find and secure an NIL deal.

NIL Lawyers at Lyons & Associates, P.C. Guide Clients Through the Process of Securing an NIL Deal

If you want to take advantage of the NIL opportunities that are now available to student-athletes, the NIL lawyers at Lyons & Associates, P.C. will guide you through every step of the process and negotiate an NIL deal that reflects your interests, as well as your long-term financial goals. To schedule a free consultation, call us today at 908-575-9777 or contact us online. Our offices are in Morristown, Somerville, and Freehold, New Jersey, and we proudly service clients across the entire United States through partnerships with co-counsel in other jurisdictions.

Posted in NIL