The Ultimate Guide to NIL Agencies: How to Pick The Right Partner For You
When the NCAA released its interim policy on NIL (name, image, and likeness) back in June of 2021, it marked a major shift in college athletics. For years, college athletes have been unfairly exploited. Although the NCAA generates more than $1 billion per year, the college athletes who help the organization earn such revenues have historically been barred from receiving their fair share.
Sure, athletes at major universities have occasionally received compensation in the form of cash, services, or goods “under the table,” but these have largely been illegal transactions against NCAA guidelines. With the new NIL rules, student-athletes can now make money on their own name, image, and likeness—meaning they can finally receive compensation for their status as an athlete.
For the first time, we’re seeing college athletes cut major deals with major brands, and some athletes have already earned small fortunes. A few examples:
Bryce Young, Alabama Quarterback - This young athlete has already earned around $1 million through brand deals with companies like Subway, Cash App, and Logan’s Roadhouse.
Olivia Dunne, LSU Gymnast - This LSU standout has more than 2 million followers on Instagram and more than 6 million followers on TikTok, and she’s leveraged these audiences into more than $1 million with brands like American Eagle, Vuori, and Planfuel.
Zia Cooke, South Carolina Basketball Player - Zia has earned more than $1 million by cutting deals with brands like H&R Block, and her Instagram posts have been valued at $8,000 per post!
Caitlin Clark, Iowa Hawkeyes Basketball Player drafted to WNBA Indiana Fever in 2024 - Caitlin earned brand deals with Nike and Gatorade and endorsements from State Farm, Buick, Nike, Hy-Vee, Bose, and H&R Block to name a few.
These athletes are generating serious income with every deal they cut.
And such income and opportunities require guidance from professionals who can show these athletes show how to build a brand with a loyal audience, protect themselves, their brand, and their wealth, and attract the right brands for long term relationships and projects.
That’s where NIL agencies come in. An NIL agency can provide athletes with the brand building guidance, content playbook, and resources necessary to attract successful NIL deals!
If you’re ready to talk with an NIL brand manager, use the button below to set up a call. If you’re looking for more information, check out the table of contents and jump to the section you want to read.
Table of Contents
What Is NIL?
What Is an NIL Agency?
What Does an NIL Agency Do?
How Can an NIL Agency Help You Make Money?
Services an NIL Agency Can Provide
What Should You Think About When Picking an NIL Agency?
Get NIL Support
What Is NIL?
NIL stands for Name, Image, and Likeness, and it refers to a college athlete’s ability to use their personal brand for financial compensation.
The NCAA’s NIL policy contains three important sections every athlete should know:
Athletes can engage in NIL activities if they follow their state’s laws where their school is located. Schools must ensure these activities comply with state law.
Athletes in states without NIL laws can still participate in NIL activities without breaking NCAA rules.
Athletes are allowed to seek professional service providers for their NIL activities.
As long as athletes are in compliance with NCAA rules, they can earn as much as they want from their status while in high school—a huge transition from what we’ve seen in the past!
What Is an NIL Agency?
An NIL agency is an organization that helps college athletes protect themselves and their best interests while securing new business agreements and brand deals that comply with NCAA and university regulations. At the core of this work is building a brand and putting that brand out to the world in a way that attracts attention, inspires connection, and becomes an opportunity for large corporations to seek partnerships.
In simple terms: An NIL agency helps athletes build their brand and then leverage their own name, image, and likeness to secure new income streams without violating NCAA rules.
What Does an NIL Agency Do?
An NIL agency provides support to college athletes by working closely with them to build a strong brand, creating, negotiating and securing new deals, monitoring regulations and regulatory updates to ensure compliance, and protecting their clients’ best interests.
Each client is different, with unique needs, so an NIL Agency should prioritize understanding each athletes’ goals and building a plan to help them make those goals happen. The Agency should involve key stakeholders (i.e. some athletes prefer to have their parents or guardians involved), set expectations, and ensure they are supporting their clients’ needs throughout the relationship.
How Can an NIL Agency Help You Make Money?
Your NIL agency can help you make money through a variety of engagements and brand deals. Once you have a strong personal brand built on social platforms that people are connecting with and that is attracting attention, we turn to finding and securing brand deals for you.
Some of the most common ways athletes make money through NIL include:
Autographs and memorabilia. Signing jerseys, sports gear, and other items can lead to small but steady revenue streams for college athletes.
Appearances or working at sports camps. Working at a weekend or summer camp can eat up time in your schedule, but charging for your knowledge and teaching ability can lead to big financial wins.
Personal appearances. If you have enough popularity, appearing at events like movie premieres or fundraisers can lead to nice checks for your bank account.
Brand affiliate or sponsor roles. This is one of the most popular options for athletes because they can help enhance your personal brand while earning greater revenue. By showing up in a Subway commercial, for example, you can get your face in front of more people while earning a nice check. Many athletes will also maintain brand deals as ambassadors or established partners who post regularly for the brand and participate in brand activations.
Podcasting. Using your platform to start a podcast gives you a property to sell ad space—which can lead to a healthy revenue stream. Consistency and uniqueness are key in the space.
Music and art. If you’re interested in music or visual arts, you can use your platform to sell your work on a regular basis. Plus, many professional athletes (like Damian Lillard) have already shown that athletes can make the jump from sports to arts.
Services an NIL Agency Can Provide
Every NIL agency is different, so the exact services you’ll find from one agency to the next may vary. In general, though, the services an NIL provides may include:
1. Contract Support
Working with brands requires understanding a wide variety of guidelines, including the type of content you can create, how you create and publish content, and what rights you have to the content created with your involvement. Your contracts could even contain clauses about who you’re allowed to work with!
Your NIL agency should review contracts on your behalf and identify potential issues. If issues are spotted, your agency representative should review them with you, then negotiate on your behalf to secure a better deal (if the agreement is indeed worth pursuing).
It is critical that your NIL Agency have good established relationships with Attorneys and who understand the necessity of involving Attorneys to protect their clients’ interests.
2. Branding, Marketing, & PR
In a world of Name, Image, and Likeness agreements, your personal brand is your business.
Like any other business, your personal brand needs solid marketing and PR to be successful.
Your NIL agency may:
Help develop your personal brand
Provide guidelines on how to build a following on social media
Market you to other companies and brands
Help you produce content or produce content on your behalf, including social media content, personal website, and other content
Source speaking engagements and interviews
Provide connections to the best Photographers, Videographers, and Content Creation support
In some cases, you probably won’t see the work that goes into this part, as many conversations could happen without your involvement. Once a deal is ready to be made, however, you’ll have much more insight into how the marketing and PR portion works. However, prior to any of these conversations occurring, you and your NIL Agency will have set a clear strategy and plan that is on-brand for you and supports your goals.
3. Financial Education & Management Connections
If you’re an athlete taking advantage of the new NIL laws, you could secure deals that earn you much more money than you’ve ever made during an internship or summer job. With such a major increase in income, you should have a strong understanding of:
What you should do with the money you earn
How to save for the future
Your investment options
Your investment opportunities
What you can realistically afford in the near future (Example: Earning a $10,000 brand deal doesn’t necessarily mean you can afford to buy a new car tomorrow.)
In simple terms, your NIL agency should help you earn as much as possible and then help you turn your money into more money! In many cases, your NIL Agency will introduce you to Financial Planners and Advisors who are best suited to your goals. Every Advisor is different and approaches relationships differently. So as your NIL Agency gets to know you, they can better recommend a Financial Planner/Advisor.
4. Travel Accommodations
NIL deals may require traveling around the country (or even the world) to complete meetings or fulfill contractual obligations.
Your NIL agency should lend support on all travel fronts, including airline tickets, on-ground transportation (like Ubers and taxis), hotels, and restaurants.
While your NIL Agency is not a travel agency, they should provide you with the information and guidance you need to make booking and managing your travel simple for any brand deal or partnership.
5. NCAA Compliance
NCAA rules are tricky, and the guidelines you must follow depend on the state where your school is located. Your NIL agency should have a clear understanding of applicable rules and help you remain in compliance!
This is done by engaging with Attorneys within the state your school is located and staying up to date on both state and national laws and regulations.
What Should You Think About When Picking an NIL Agency?
Not all NIL agencies are the same. Here’s what you should think about when picking an NIL agency:
Experience. Does your agency have extensive branding building and marketing experience? Do they have experience working with brand collaborations, partnerships, and influencer deals? Do they know how to create strategies and plans that support client goals? Do they understand all sides of the business?
Resources. Do they have the in-house talent and knowledge necessary to achieve your goals? Do they have access to the right tools and organizations?
Capabilities. What can the agency provide for you? How good are they in marketing, contract law, talent management, and travel accommodations?
Location. Where is the agency located? Do they understand your region, the major brands within that region, and the culture that has helped to shape your identity?
Portfolio. Who has the agency worked with in the past? You want your agency to have a track record of success that can be applied to your name, image, and likeness!
Connections. Is your agency connected with the right people to support you and relevant organizations? Do they have existing relationships with attorneys, financial professionals, photographers, brands, universities, and founders? Or do they have the ability to create those relationships for you? In many cases, a willingness to build new relationships and connections is critical for athletes, so your agency needs to be able to lead those efforts for you.
Pricing. Your NIL agency should charge a fair price for their services—or you could seriously be taken advantage of. Factors like size, experience, portfolio, connections, and resources will be a part of this price.
Finding an NIL agency that will look after your best interests is critical, as there are countless predatory businesses out there. Recently, NFL rookie Gervon Dexter grabbed headlines for a conflict with investment company Big League Advanced Fund. In 2022, Dexter accepted a one-time payment of $436,485 in exchange for 15% of his pre-tax NFL earnings for the next 25 years—which could total substantially more than that one-time payment!
Do not be afraid to consider higher different agency or different experts for each piece of the puzzle if you do not find an NIL Agency that includes everything you want. The good Agencies will help you find experts that are best for you so be sure you have these conversations upfront with your Agency of choice.
Get NIL Support
If you’re interested in NIL support, contact The Business of Marketing (BOM) to start the conversation! BOM has extensive brand building experience, connections in marketing, and can introduce you to their trusted attorneys, photographers, videographers, financial professionals, and other experts who can help you achieve your goals!
