what is a nil deal

NIL stands for Name, Image, and Likeness, and it refers to the way college athletes can receive compensation. It is a term that describes the means through which college athletes are allowed to receive financial compensation for the use of their name, image, and likeness through marketing and promotional endeavors. This can include autograph signings, product endorsements, social media posts, and more. The term "NIL money" refers to the money that an athlete can earn by signing a NIL contract, which in turn allows the athlete to market their name, image, and likeness. The exact amount of money received depends on factors such as social media following, market value, and the actual sport in question. Student-athletes looking to monetize on their NIL will need help securing deals, and some schools are turning to companies that offer a platform for athletes to upload their NIL contracts for the compliance department to review and approve.