Attorney
Name, image, and likeness (NIL) deals offer college athletes opportunities to capitalize on their brand to support themselves and their families. However, the opportunities NIL deals present also come with potential pitfalls that could jeopardize an athlete’s career or financial future. It’s crucial for parents of student-athletes with NIL opportunities to support their children as best they can. Here are some ways you can help.
1: Understand NIL Rules and Regulations
Different states, schools, and athletic organizations have different rules for NIL deals. Therefore, understanding these rules is crucial. Any violations could jeopardize your child’s athletic scholarships or lead to legal or financial penalties.
2: Talk to Your Child About Financial Responsibility
Young people often don’t have a strong understanding of how to save and invest money wisely. Student-athletes face greater financial temptations because they’re often at the center of the college social scene. Furthermore, student-athletes don’t always consider that an early injury could derail their college or professional athletic career. Take time to educate your child about responsible budgeting, the importance of savings, and how to avoid potential scams. Your child may roll their eyes, but you’re doing them a favor.
3: Vet Your Child’s NIL Opportunities and Potential Business Partners
As is the case in any industry, there are bad actors in the world of college athletics who want to scam underinformed athletes. Similarly, associating with the wrong business partners could tarnish your child’s image. Ask your child to review any offers they receive so you can guard their financial future.
4: Make Sure Your Child Knows How to Protect Their Brand
A brand is all a student-athlete has because they aren’t paid directly. Accordingly, it’s essential to teach your child how to protect their image. Remind them that everything they do—social media posts, interviews, public appearances, etc.—can affect their brand. Social media awareness is particularly important for modern student-athletes, as a careless post can irreparably damage their brand.
5: Teach Your Child About Proper Time Management
While college athletics are exciting, they should not be your child’s sole focus. Very few student-athletes have professional careers, and even athletes who make it to the pros may not last long. A good education gives your child more opportunities in the long run, so make sure your child understands the importance of attending class and devoting time to their studies.
6: Consider the Current NIL Market
Your child may receive offers that don’t reflect fair market value for an athlete in their particular sport or level of play. Student-athletes who accept these deals leave money on the table and may need that money if they sustain a career-ending injury. Encourage your child to do their market research and, if necessary, obtain professional help to make sure any deal they sign reflects fair practices.
7: Work with an Experienced NIL Lawyer
The laws and regulations around NIL deals can change quickly, which can lead to unexpected legal issues for unprepared student-athletes. An experienced NIL lawyer can review any offers your child receives to make sure it’s fair, complies with the applicable rules, and protects your child’s brand.
Contact an Oregon NIL Agent and Attorney Now
As a lawyer and licensed sports agent in Oregon, Attorney Michael R. Hughes of The Hughes Companies can help you and your child maximize their NIL opportunities while avoiding legal pitfalls. Call The Hughes Companies now or complete our contact form for a free consultation.