In the Business of NIL Episode 2 our guest and Chief Executive Officer at Athliance, Peter Schoenthal speaks on the law and compliance behind NIL. Some of the first steps for student athletes have to do in order to not get in trouble regarding the law, or eligibility as Peter describes is:
- Being compliant with his or her university
- Being compliant with state laws and regulations
- Compliant with NCAA laws
While student athletes may not be overly informed about these things, it is important that they disclose what they are doing to their university to make sure it is legal. Additionally they need to be compliant with their laws, and make sure they maintain their eligibility to play and protect the athlete as well as the university as a whole.
Peter and the Athlience team educate student athletes on how to maximize their opportunities by helping them from a tax perspective, giving them advice there as well as how to sort of handle all the money coming in, because for a lot of student athletes who have never seen this kind of money rolling in, it can be tricky to know how to handle it and what to do.
The student athletes are providing a service by representing themselves so the compensation they receive (cash, contracts, etc.) is for the name image and likeness of each athlete and how they decide to represent themselves.
It is important for student athletes to get the help they need by parents, lawyers or whomever it may be in order to make sure they are protected not only by someone who is trustworthy, but has experience and knows how to handle the situation and compensation they receive.
Some of the keys for athletes to make sure they attain their eligibility and are safe in terms of the law are to:
- Be protected and make sure you are compliant with the eligibility rules and laws
- “Let the professionals do their job” and do not try to manage it all by yourself
- Do not try to go too quickly, because you may miss something and could result in a problem. As Peter said, “Slow and steady wins the race”
The most important thing for student athletes to remember going into their new adventures with the name image and likeness business is simple. As Peter says, “if you are not eligible, or not on the team you will not be able to profit off your name, image and likeness.” Student athletes have been waiting for this opportunity to arise for over 100 years, and it is important that they do it right and follow the guidelines and laws along the way in order to be successful.