Even though student-athletes are now able to be paid by third-party companies for their name, image and likeness, it’s still vital for the NCAA and its member institutions to educate them on how to manage their money and resources to prepare them for life post-sports.
In a February 2021 episode of the I Am Athlete podcast, former NFL Player Fred Taylor said the NCAA and colleges should make finance courses mandatory for student-athletes.
Later that year, following the NIL policy changes, Invesco, an NCAA corporate partner, launched a digital game called “How Not to Suck at Money.” The game is set in a college town, where students learn how to make important financial decisions by helping characters solve money problems in areas like budgeting, investing and starting a new job.
Although the game is a creative approach to assist student-athletes in learning money management, it isn’t enough to be considered the official financial education program of the NCAA, when most players don’t have a background in financial literacy.
College athletes collectively made around $917 million from NIL payments in the first year, with the most lucrative deals going to standouts in football and men’s basketball. This means each Division I athlete earned about $3,700. So while some players, like Colorado quarterback Shedeur Sanders and LSU women’s basketball star Angel Reese have cashed in on million dollar deals, other athletes are yielding more modest earnings. For example, student athletes who receive partial athletic scholarships and would otherwise take out loans to pay for school can use NIL opportunities to mitigate student loan debt.
Furthermore, many players in revenue-generating sports aren’t well-positioned for competitive entry into the workforce because the time commitment of sports limits their opportunity to gain relevant work experience through internships and career readiness workshops.
One successful example of a school taking a stance to foster the financial wellness and professional development of its athletes is The University of Nebraska-Lincoln, who partnered with Opendorse to launch an app that provides players with lessons on financial literacy, networking and other life skills. The university also added the #NILbraska initiative, where athletes are paired with peer mentors from the UNL law and business schools to help them navigate NIL contracts, manage their finances and become equipped with skills that align with multiple professions.
More systems need to be in place to ensure NIL compensation doesn’t become a trade-off for career preparation.
For this to happen, academic advisors should make sure players are aware of local networking events and job fairs that align with their majors. Additionally, coaches can connect their players with boosters who have businesses in their field of study so they can gain experience through job shadowing and internships during off seasons.
The NCAA could also do more for athletes who have graduated but may not feel equipped to enter the job marketplace by partnering with its corporate sponsors to develop post-graduate externship and fellowship programs.
Athletes being able to monetize their brand is a well-overdue precedent that’s putting them in a position to have a better quality of life. Career readiness was a problem before NIL deals and will continue to be an issue unless the proper measures are put in place. Student-athletes deserve to be paid but money doesn’t negate the need for life skills.
References
https://www.si.com/college/2021/07/01/name-image-likeness-programs-schools-ncaa
https://www.ncaa.org/sports/2013/11/27/role-of-boosters.aspx
Brittany Young 
I enjoyed the article! You mentioned that the most money went to football players and men’s basketball… I wonder if there are huge gaps in potential NIL deals of men’s versus women’s sports just like in the professionals?
I tried to find research giving more specific numbers on how much each sport has earned, collectively, but there isn’t much information out there. One article mentioned football, basketball and baseball are the top earning sports, and another mentioned volleyball and women’s basketball are right behind football and men’s basketball. But it’s very likely the men are earning more, overall, than the women.