The Brave New World Of NIL Deals

NIL stands for “name/image/likeness”, and NIL deals involve the use of someone’s name or image to promote a product or service. Historically, college athletes could not profit from their image or name – but that is changing in Florida due to a law allowing student athletes to earn compensation from NIL deals.

Attorney Sergiu Gherman of Gherman Legal, PLLC, in Miami has years of experience in contract law and sports industry law. He has also navigated numerous triathlons as an athlete. This makes him uniquely qualified to help athletes explore their options and be compensated fairly for the use of their name, image or likeness.

How Does The Law Benefit Athletes?

NIL deals have major benefits for athletes because they no longer have to rely on scholarships or part-time jobs to help them get by.

For instance, a football player at the University of Florida who has an NIL deal can focus on academics and excelling at their sport instead of worrying about the cost of tuition or room and board. It means not having to spend valuable practice or classroom time looking for a job that will sustain them.

NIL deals acknowledge that athletes have worked hard to get where they are and deserve compensation for the personal brand they have created. They earn this compensation through:

• Speaking engagements
• Signing autographs
• Endorsing video games
• Advertisements and marketing
• Apparel deals

The NIL system also helps schools and universities. Athletic programs now have more incentives to attract new talent and brainpower. Most student athletes know they may earn more in NIL deals at high-profile universities.

What Do Athletes Need To Know?

One of the biggest issues for athletes is that these laws are evolving. They want to avoid deals that might accidentally harm their athletic career or damage their relationship with the university. At the same time, athletes deserve the financial advantages their name, image and likeness can provide.

This is where legal guidance is invaluable. An experienced lawyer can help evaluate NIL deals, weigh the possible rewards and against potential disadvantages, and help young athletes make informed career decisions.

Call For Hands-On Guidance

You no longer have to stand by while others profit from your sports prowess. Call our Miami office at 305-390-1945 or use the online contact form to set up a consultation with a lawyer who understands NIL deals.