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Nearly $80 million worth of NIL deals cleared by College Sports Commission
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- Nearly $80 million worth of NIL deals cleared by College Sports Commission
Nearly $80 million in name, image and likeness deals were cleared by the newly established College Sports Commission from June through the end of August, the clearinghouse announced on Thursday.
According to a report detailing the commission's first two months, over 8,000 NIL deals were cleared, with values ranging up to $1.6 million and beyond.
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The commission said more than 28,000 college athletes have registered to use the program, called NIL Go, which was created in the wake of the House settlement that allowed universities to distribute payments for the use of NIL directly to athletes. Schools are allowed to spend up to $20.5 million per year to athletes. The deas athletes have with schools do not go through the College Sports Commission. Only deals with external parties must get approval from NIL Go.
In a given week since going live on June 11, NIL Go has been used by an average of 1,658 athletes and 507 institutional users, the commission said.
There have been 332 proposed NIL deals that have not been approved, with 75 deals since altered and resubmitted for approval. The most common issues with rejected NIL deals were delays in submitting information, contradictory deal terms or incorrectly entered information, and proposals that failed to "satisfy valid business purpose requirements."
There are currently no deals in arbitration, according to the report.
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An outside law firm assists the College Sports Commission in reviewing NIL proposals. The NIL Go platform determines which deals meet the criteria laid out by the House settlement around "valid business purpose" and "range of compensation."
This article originally appeared on USA TODAY: NIL deals worth $80 million cleared by College Sports Commision
