2025 Winners

1.  Power Conference Athletes: With the addition of revenue sharing of more than $20 million, combined with the financial ability to hire and create the infrastructure to support NIL activities, they clearly will benefit the most.

2. NIL Collectives: It looks like Collectives are not going anywhere anytime soon, and may become even more important as schools look to stay competitive and generate NIL revenue beyond the revenue-sharing cap. The settlement puts limits on the free-for-all landscape of the past few years, but it seems like Collectives have carved out a role going forward.

3. Non-Power Conference D1 Athletes: With the expansion of scholarships and the increase in how much aid D1 schools can offer athletes, there will be much more opportunity for any D1 athlete, regardless of whether the conference opts into the revenue-sharing model.

4. D2 & D3 Athletes: The battle for talent is going to get much harder for D2 & D3 programs, but that creates opportunity for their athletes. As more talent moves upstream to power conference programs, smaller D1 programs will need to fill their rosters with people who can contribute right away, and the fastest, cheapest way will be to seek out top talent from D2 & D3 schools to hit the portal and transfer.

2025 Losers

1.  Non-Power Conference D1 Programs: These programs will have to absorb $990 million over the next 10 years to pay their share of the House settlement. Combined with the likelihood of substantially less revenue-sharing income, if any, the next decade or so is going to be quite challenging. Throw in the talent drain from better-funded programs and it becomes pretty clear these schools are going to be impacted the most.

2. Non-Revenue Generating Sports: With or without revenue sharing, the House settlement does not cure the massive inequity in NIL compensation. There is even a risk that schools in a financial crunch from the settlement could cut sports to balance their budget. To compete and stay profitable schools are going to focus the majority of their NIL on revenue drivers like football and basketball.

3. Title IX: It’s starting to become clear this is the next area of litigation that will hit the NCAA. There are varying opinions on whether Title IX requirements must be applied to the income from revenue sharing. It’s also abundantly obvious that how funds will be distributed will not be equitable. Even at schools with 8-figure athletic budgets, the majority of the sports programs lose money. And revenue-sharing may trickle down to all sports, but how much and when is impossible to determine.

4. Compliance Departments: No matter what happens, staying compliant is going to be a headache. Mandatory reporting for any deal over $600, plus a third-party review of all deals will strain compliance departments that are likely already understaffed and underfunded. This will be in addition to absorbing the extra expense to pay their share of the settlement, so most D1 programs will be tightening their belts.

Athletes, It’s Time to Raise the Bar: Five Questions Every Athlete Should Ask

No matter what division or sport, every athlete needs to ask their coach, compliance department, or recruiter these questions before accepting an offer or signing an NIL deal.

1.  What is your NIL policy?: With all the changes happening, most schools refer to the interim policy from the NCAA. Depending on the location of the school, there may be state laws that require or recommend specific activities to support athletes and their NIL activities. It’s important to ask for the school’s NIL policy and if possible document it for your records.

2. What is your Intellectual Property policy?: IP is very important. Every organization protects its intellectual property, and in college sports that’s everything from their facilities, logo, branding, and school colors. Some schools have liberal policies that allow athletes to use their IP for NIL activities, while others have strict rules prohibiting it.

3. Who are your primary sponsors or partners?: Colleges can limit your NIL activities if they conflict with their primary sponsors or partners for the athletic department or your specific sport. It’s critical you ask before entering into a contract, so you do not run the risk of failing to fulfill your commitment because of a conflict with your school.

4. What kind of support do you have for NIL activities?: No matter the size of the school, there should be some kind of support for NIL activities. It can be educational resources for athletes to learn about branding, or financial literacy to understand the impact of income from NIL. If NIL is part of your plan for college sports, make sure you pick a school that can support your goals.

5. What is your process for documenting and reporting NIL activities?: Failing to comply with NIL requirements can put your academic and athletic future at risk. Avoiding pay-for-play deals and making sure you are not violating state laws, or conference, school, or program NIL/IP policy, is very important.