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Until 2021, it was illegal to pay college athletes for their name, image or likeness. This meant as long as an athlete played under the National Collegiate Athletic Association, they did so without the option of brand deals, sponsorships or endorsements as you may see from professional athletes. Instead of the athlete being compensated for their talent, the NCAA was pocketing excessive amounts of money off things like jersey sales.
The NCAA made moves to change their policy and pay out almost $3 billion to former college athletes after a Supreme Court decision related to antitrust laws was handed down. The Court accused the NCAA of pocketing massive amounts of money on the merits of student-athletes who received very little financial compensation for their efforts. They likened it to American businesses not paying workers a fair wage, and in their opinion, determined that no other business is allowed to get away with what the NCAA was doing.
That decision was handed down after a decades-long lawsuit was filed by Ed O'Bannon, a former basketball player for UCLA. His argument was that college athletes should receive compensation any time their image or name was used in video games.
What Does NIL Mean?
Companies like Gatorade can now pay college athletes to promote or represent their brand.
NIL stands for name, image and likeness. Giving the athletes control over NIL deals means they have the chance to make money on different types of deals . Some of these include:
- Endorsements: College athletes can receive money for lending their image or name to a company to endorse a specific product or service.
- Sponsorships: College athletes can be compensated for deals with companies to promote a service or product in things like logo placement, social media promotion or product placement.
- Social Media Marketing: Athletes can make deals with companies to promote their products through the athlete's social media channels.
- Personal Appearances: Athletes can speak or make appearances at events and be paid for them.
Effects of NIL Deals
Caitlin Clark made close to $3 in endorsement deals while playing basketball for Iowa.
One of the concerns about NIL deals is the fact that the athlete's deals are regulated by state laws in the state where their college is located, and those laws at times are unclear or conflict with federal laws. It's expected that over time, these issues will be worked out. One thing is clear - it is still unacceptable for the schools themselves to pay the athletes.
There were mountains of concerns about how this decision would affect college sports, but many athletes have found great success. For the purposes of this article, we focused on college football, because it is one of the most lucrative industries in the nation. Some college players have made upwards of a million dollars, and time will tell how these changes affect the overall program. Here you'll find some of the highest-paid athletes in college football, where they play and an estimate of how much they make.
Unsurprisingly, big names in college football made the list, including Alabama, Ohio State, Oregon, Texas and Ole Miss. Most of the athletes on our list play the quarterback position. They are more influential because they are often seen as the team's leaders and the players the media sees the most. A few wide receivers also made the list, and you may recognize the last name of a few of these athletes, as their relatives have played huge parts in the sports world.
Marvin Harrison Jr.
Harrison signed a deal with Kane Footwear and did an ad campaign for Chipotle.
- School: Ohio State University
- Estimated Amount Made: $1.4 million
- Position: Wide receiver
Jaxson Dart
Dart made his money with Nicholas Air and became the first college athlete to ink a deal with a private airfare company.
- School: University of Mississippi (Ole Miss)
- Estimated Amount Made: $1.4 million
- Position: Quarterback
Bo Nix
Nix started at Auburn and ended at Oregon, with money-making deals from Raising Cane's and Google Shopping.
- School: University of Oregon
- Estimated Amount Made: $1.4 million
- Position: Quarterback
Evan Stewart
Oregon wide receiver Stewart is in business with EA Sports and Coach.
- School: University of Oregon
- Estimated Amount Made: $1.4 million
- Position: Wide Receiver
Jalen Milroe
'Bama quarterback Jalen Milroe has deals with Beats by Dre and Rhoback.
- School: University of Alabama
- Estimated Amount Made: $1.6 million
- Position: Quarterback
Drake Maye
Quarterback Maye partnered with the energy drink brand Zoa, although he declared for the NFL draft shortly after.
- School: University of North Carolina
- Estimated Amount Made: $1.5 million
- Position: Quarterback
Quinn Ewers
Texas quarterback Ewers also signed a NIL deal with Nicholas Air.
- School: University of Texas
- Estimated Amount Made: $1.9 million
- Position: Quarterback
Travis Hunter
Hunter is a wide receiver and cornerback for the Buffaloes who made over $2 million with companies like 7-11, Cheez-It and Celsius.
- School: University of Colorado
- Estimated Amount Made: $2.4 million
- Position: Wide receiver and cornerback
Arch Manning
Nephew to famous QBs Peyton and Eli, Manning earned almost $3 million with Panini America.
- School: University of Texas
- Estimated Amount Made: $2.8 million
- Position: Quarterback
Shedeur Sanders
Sanders has amassed almost $5 million in deals with companies like Beats by Dre, Gatorade, Under Armour and Mercedes-Benz.
- School: University of Colorado
- Estimated Amount Made: $4.7 million
- Position: Quarterback
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