NIL is about Professional Development
Bill Carter explains what he believes to be a diamond in the rough for athletes when in comes to NIL.
This special edition of The NIL Report newsletter features a business profile on Bill Carter, an NIL professor at the University of Vermont. He is also the founder of Student Athlete Insights, an NIL Education and Consulting company, where he consults brands, universities and sport organizations on NIL.
If you are an athlete and would like our team to help share your story, please DM us or email TheNILReport@gmail.com.
The NIL MBA
Out of many applicants, I had the good fortune to being selected to represent The NIL Report in Bill Carter’s inaugural NIL MBA course.
Alongside On3 leadership; NCAA coaches; high school athletic directors; lawyers; finance professionals and creative entrepreneurs we thoroughly overviewed NIL; the process of how schools educate their athletes and brands select their partners and debated the constantly changing landscape.
If you are involved in NIL, check out the NIL MBA for Fall 2023. The program runs six weeks from September 13 to October 18 and the tuition is $1,250. Bill also offers other virtual courses and one on one consulting.
If you are responsible for developing the foundation of the NIL industry, then the NIL MBA is imperative to understanding keen insights from every perspective and networking with essential NIL players.
NIL = Professional Development
The main takeaway is that the biggest opportunity for student athletes is the professional development that NIL offers.
The media sensationalizes the five-star quarterback making millions in endorsement deals by seeming doing ‘no to little’ work. And they are entitled to that money, however, every athlete can grow professionally.
From the star point guard to the softball third baseman to the football walk-on, there is equal opportunity for any student athlete to be aggressive and learn about business sales, negotiation, or communication to just name a few.
“NIL is hyped a lot, but one of the important realities is that it’s an incredible professional development opportunity for all student athletes.” Bill told us.
No matter how many commas are in your NIL paycheck, every student has equal access to nearly the same resources at their school, NIL Collective and business community.
And if they are not a ‘recognizable star’ in a ‘well known’ sport, they have the opportunity to change that through social media tools, growing their network or becoming entrepreneurial in some other capacity.
“For nearly every single athlete who participates [in NIL], it will be their first time in a business setting, the first time negotiating a contract, the first time providing some sort of service for money and on and on.” Bill emphasized. “If we treat NIL more like an internship instead of a get rich quick scheme, we will be supporting more student athletes, which is really the point of all of this.”
The tools and platforms are there for every athlete. If you are not cashing in now, then you can position yourself to gain the skills and experience necessary to cash in in the future.
NIL’s Bright Future
However, expect to see a ton of athletes making money via NIL.
“I see a bright future for NIL.” Bill predicted.
As conference realignment continues to shift the collegiate athletic landscape (read football), so does it alter the collegiate business landscape (read NIL).
While many schools, such as Texas A&M, may pump the brakes on bringing Collectives in house due to recent IRS tax memos, do not expect boosters to not financially compensate the athletes.
“For D1 student athletes, I believe a greater percentage will participate [in NIL] in the next 2-3 years. I could see that number exceeding 50 percent at most D1 schools, especially where there is education and support provided.” Bill said.
And what about non-D1 schools who are not raking in billion-dollar TV contracts?
“At DII and DIII schools, NIL is coming.” Bill forewarned. “It will look less like it does at DI and more like a form of professional or career development.”
Bill’s Hot Takes (aka NIL Facts)
They say to surround yourself with people smarter and more talented than you are. Bill certainly is that.
He founded the marketing firm Fuse in the early ‘90s where he developed the iconic Do the Dew campaign for Mountain Dew. Then he sold it to start Student Athlete Insights in 2019 because he saw that the opening of the NIL floodgates was imminent.
Oh yeah, and he won the 1989 DIII lacrosse national championship at Gettysburg.
So he knows what he is talking about, but some of his takes require a double take:
Overall NIL impact is negligible and is not making athletes rich
NIL is not benefiting female athletes as much
Athletes becoming employees is a negative
EA Sports $500 offer seems in accordance with market
The Federal Government already rules on NIL via IRS; FTC; etc
Livvy Dunne should not have partnered with Caktus AI
If you are an athlete, it is imperative to understand what is going on in the NIL industry around you. Because that directly affects how you can make money!