As a college athlete you are only too aware of how much money some other college athletes are making thanks to changes to the law that permit you to sign name, image and likeness deals (NILs).
Naturally, you might want to join in and get some money for yourself. Even if it’s nowhere near what some of your peers make, a few thousand dollars can feel like a big deal.
Where there’s money, there are fraudsters
As soon as the law took effect, a whole new wave of NIL agents sprang up to target college athletes. They know you probably don’t have a wealth of understanding concerning legal matters and they know you’re keen to get your hands on some cash. That makes you an easy target for scams and poor deals. Let’s look at a few.
They get you to pay money for nothing
Some ask you to pay money upfront to register with their agency, and then they disappear. Others tell you to pay upfront for an arranged photoshoot which they then “reimburse” with a check that’s no good.
They get you to sign away your rights
Plenty of unwary students have signed away their NIL rights in perpetuity or committed to far more work than they realize.
They lock you into unfair deals
Do you know what a reasonable rate of commission is for merchandise sales or autograph signings? Some unwitting college athletes have signed away far more than they should.
There is money to be made from NIL deals, but there is a lot of money to be lost if you sign a bad one. The NCAA prohibits university staff from helping students look at these deals so it’s wise to get outside help to understand any deal you’re being offered and to determine a contract’s legitimacy and legality.