What Does Name and Likeness Mean?
Using the name, image or likeness of yourself or another occurs when a business or individual uses an individual's name, photograph, or other defining attributes or “likeness” for commercial purposes, such as advertising or other branding and marketing activities.
Up until a few months ago, the term NIL had little meaning to those interested in college sports -- unless you were on the soccer team (and then it means "zero", literally). But now, NIL -- which stands for name, image, likeness -- is about to change the world of college athletics as we know it.
What Does NIL Stand for in College Sports?
NIL stands for Name, Image and Likeness
As college athletics continue to grapple with the implementation of a fair and balanced set of rules for student-athletes to monetize their Name, Image and Likeness (NIL), the question of just how much money they could generate has been the subject of much speculation.
But now, NIL -- which stands for name, image, likeness -- is about to change the world of college athletics as we know it. As of July 1, the NCAA's policy changes will allow athletes to better make money from their image or name, just as legislation in several states, including Florida, either will take effect or soon will.The NCAA's move is a dramatic one, breaking from decades of not permitting said money-making opportunities.
What is the NIL Rule?
The Supreme Court ruled last month that the association can't stop students from profiting off of their name, image or likeness. The June 21 ruling opens up lucrative branding opportunities for student-athletes — especially those with a strong brand and social media following.
On July 1, NCAA athletes were able to strike brand deals and sponsorships for the first time—a new possibility for athletes after the Supreme Court ruled in June that the NCAA rule can’t prohibit student-athletes from profiting off their name, image and likeness (NIL); and for some athletes, that opens the door to a windfall in brand dollars.
Louisiana State University (LSU) gymnast Olivia Dunne, for example, who has more followers than any other active NCAA athlete on Instagram and TikTok, has the potential to rake in over $1 million in partnerships right off the bat, according to some observers.
So far, the biggest deal reported belongs to Miami football after American Top Team, an MMA studio, is offering $500/month to any Hurricanes player who endorses the brand. In total, if every player took the offer, owner Dan Lambert would pay out $540,000 per year.
So can athletes now accept money for endorsements?
As of July 1, 2021, in Florida and 11 other states, yes.
Amateur athletes in these states are now able to gain compensation. In 12 others, it will be state law over the next few years. (Until then, the NCAA's ruling of allowing schools to come up with guidelines would be in effect.)
What is NIL Compensation?
What is NIL compensation in college sports? This is compensation — usually money — earned by college athletes for use of their fame or celebrity, either their name, their image or a likeness of who they are. Examples include being paid for autographs, appearing in an advertisement or providing a social media shoutout.
Why is this important for amateur athletes?
Now that amateur athletes can benefit from their name, image and likeness in many ways, including monetary compensation, it unleashes huge opportunities for building the personal brand of the athlete. Starting early and building a personal athlete brand that fans, coaches, and the media can all recognize and become engaged with is now more important than ever.
Athletes who want to have their own logo or brand design now stand to benefit greatly from these efforts. Before the Supreme Court ruling on NIL, athletes, by and large, waited until after college due to the NCAA rule, to even think about building a brand. Today, that has all changed, and investing in your personal athlete brand now stands to pay dividends in many different avenues and opportunities.
About Brand Equation
Brand Equation is a full-service consulting, branding, and digital marketing agency with core competencies in brand creative services, website development, custom software solutions, mobile app development, SEO, and online web presence optimization.
Brand Equation works with businesses along with amateur and professional athletes who want to build their brand and dominate online – whether nationally or locally. Using tried and true fundamentals married to cutting-edge technologies and web presence optimization expertise, we consult with clients to help them make crucial tweaks in their branding and web presence optimization strategy.
Brand Equation has unique expertise in deploying multi-touch, omnichannel digital advertising campaigns. Our intellectual property includes Geo-fence and POI Signal Intelligence™ technologies to build targeted, highly addressable audiences for digital advertising and Brand Conquesting™ campaigns. With a multi-dimensional team and a project management culture, Brand Equation can fulfill for the enterprise client down to the new startup in need of a new name, logo, and corporate identity or desiring to grow market share with dominant brand visibility and digital marketing.
We are experts at helping athletes realize the full potential of their name, image and likeness.
PROTECT, BUILD AND LEVERAGE YOUR NAME, IMAGE AND LIKENESS (NIL) with Brand Equation's NIL Marketing Solutions.
Contact Brand Equation today for a complimentary brand consult.
