Olympics track and field prize money, explained: How much do gold medal winners get paid in 2024?

A new era of USA Olympic champions has arrived. Noah Lyles and Gabby Thomas are among the first-time track and field gold medalists, and that comes with its share of benefits.

Lyles, for instance, is suddenly one of the nation's most recognizable Olympic athletes. The 27-year-old sprinter has raised his profile and stands to benefit from even more endorsement deals as a result.

For the first time, though, track and field gold medalists don't necessarily have to rely solely on endorsement deals and professional contracts to make money. They can directly profit off of their Olympic success as part of a system that is expected to expand when the Summer Games come to Los Angeles in 2028.

Here's what you need to know about prize money for Olympic track and field winners and how the system works.

MORE: Updated Olympic track and field medal count

Olympics track and field prize money, explained

World Athletics announced in April that $2.4 million in prize money would be set aside for track and field gold medalists at the 2024 Olympics, launching a first-of-its-kind program that directly compensates Olympic athletes.

The decision intends to "make sure some of the revenues generated by our athletes at the Olympic Games are directly returned to those who make the Games the global spectacle that it is,” World Athletics president Shane Coe said in a release .

The program is expected to expand in 2028 and dish out prize money to all track and field medal winners rather than just gold medalists.

The split is fairly simple. $2.4 million will be shared evenly by 48 different men's and women's events, with $50,000 going to the gold medalist in each competition. Relay teams will receive a split of the payment, with four members of a gold medal-winning relay team each receiving $12,500.

Prize money is not exclusive to American athletes. Every track and field gold medalist will receive money from World Athletics, and they are not capped at $50,000 — Lyles can earn $100,000 if he brings in two medals.

Lyles actually can earn even more than that; in fact, every American gold medalist can. The U.S. Olympic Committee already awards prizes to medalists, including $37,500 for gold medalists. Many other countries follow suit, though the prize pool varies by nation.

MORE: Medal winners for each track and field event

How much do gold medalists get paid in track and field?

Track and field gold medalists at the 2024 Olympics are paid $50,000 for their wins. That might seem somewhat light considering the massive stage they're competing on, but it's actually a step up from past years when medalists would have to benefit from their success largely through individual country prize money and endorsement deals.

The money is also added onto what each country awards their medalists.

The U.S. gives out $37,500 to each gold medalist regardless of sport. That means an American track and field athlete with one gold medal in Paris is leaving with a cool $87,500 in addition to the elevated profile that could lead to more lucrative endorsement deals.