Professional athletes have always been able to get paid for endorsing brands and products. In today’s social media-driven markets, celebrity athletes and even players who aren’t household names can make a lot of money through their name, image and likeness, or NIL. Until recently, college athletes didn’t have the same opportunities. But in 2021, the rules changed. A landmark Supreme Court case, a new NCAA policy and an explosion of new state laws allow college athletes to be paid for NIL activities. But inking NIL deals isn’t always a layup. Brands, agents and athletes must play by several different—and evolving—rulebooks or risk having unenforceable deals, violating state laws or being declared ineligible to play intercollegiate sports.
In the next episode of our In The Know series, “The Name Is the Game,” Brian Socolow, co-chair of Loeb & Loeb’s Sports practice, explains why knowing all the rules of play is essential to winning the college NIL game and how Loeb’s Sports & eSports team can help.