Name, Image, & Likeness Deals
Learn everything you need to know about name, image, and likeness deals right here.
What Is Name, Image, and Likeness?
Name, Image, and Likeness is more commonly referred to as NIL
These three elements make up the “right of publicity”.
This is a legal concept that refers to the use of an individual person to promote a product or service.
NIL FREQUENTLY ASKED QUESTIONS
What does the process for an NIL deal look like?
Once we have connected an athlete and a partner the business will present their offer with the guidance of our team. This includes drafting up NIL compliant contracts. Once approved our team will report the NIL activity to the necessary institutions for both federal and state compliance and the athlete will receive payment from the business.
Are athletes paid by their school for NIL deals?
No. The new rules and laws don’t allow schools to pay athletes.
Can individuals enter into NIL agreements with boosters?
Yes - as long as the activity is in accordance with both state law & school policy.
How is my university involved with my NIL deal?
Under NCAA policy, universities are prohibited from assisting student athletes in obtaining NIL opportunities. This does not pertain to ensuring the deal is in compliance with NCAA rules and state laws. This is why our team will ensure each deal is reported to the school before any contract is signed or deal is closed.
Why work with an NIL Agency?
We are actively monitoring state laws, NCAA guidelines, and school guidelines to ensure nothing ever threatens your eligibility. Podium also makes it easier by reaching out to prospective businesses that you are interested in to help create new NIL deal opportunities.
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We are here to help you every step of the one from finding deals, reporting them to compliance, and even executing on your influencer or social media deals.
How will NIL deals affect my scholarship?
The only way this would affect your scholarship is if you are receiving federal aid. Income generated from your NIL deals will need to be reported to FASFA and could affect your federal aid.
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As far as your athletic scholarship goes - NCAA policy states nothing can be changed as a result of your NIL deal success.
How will taxes affect my NIL deals?
NIL income is considered "self-employment" income.
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For any deals you sign where the compensation you receive is more than $600, you should receive a form 1099 from the company who “paid” you. Our team at Podium knows the importance of financial literacy and will help you navigate your new income.
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