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Until recently, the National Collegiate Athletic Association barred student athletes from being compensated despite the billions of dollars their efforts were earning for their universities.
That changed on July 1, 2021, when the US Supreme Court ruled that students could be paid through the use of their name, image, and likeness.
Students still cannot be paid by universities, but they can sign deals that allow them to participate in one-off marketing campaigns in exchange for free products, gift cards, or cash payouts. College athletes can also receive money by autographing signs, creating or sharing branded content, making guest appearances, and being a spokesperson for a company or brand.
We're now seeing college athletes from several sports score so-called NIL deals ranging from five to seven figures. For example, the son of LeBron James, Bronny James, is the highest-paid student athlete with an NIL valuation of $4.9 million, according to On3, a college sports news and data company.
But receiving NIL money is not easy and not every college athlete will score a big payout — or any payout in some cases.
To learn more about making the most of the NIL opportunity, Business Insider sat down with Braden Fiske, a defensive lineman at Florida State University who is projected to make millions if he is drafted to the NFL in April, according to news articles and reports.
He has signed several NIL deals since joining the Florida State Seminoles in 2023, and other deals are in the works. He shared what he has learned and what he would have done differently so younger athletes can learn from his experience. He advises college athletes to maintain a steady social media presence, build a team of advisors, invest the earnings wisely, and learn to say no.
This is an as-told-to essay based on a conversation with Fiske that has been edited for length and clarity.