Since the National Collegiate Athletic Association (NCAA) suspended its Name, Image, and Likeness (NIL) rules in June 2021, college athletes across the country have had the opportunity to profit by striking NIL deals to endorse everything from car dealerships to cereal. And NIL deals aren’t just for the Bryce Youngs and Suni Lees of the world; you don’t have to be internationally recognizable to profit from your athletic abilities.
In fact, the King of NIL is right in our own backyard. Rayquan Smith is a Norfolk State student-athlete and hails from Highland Springs, Virginia. He was a running back for the Spartans for two seasons before a torn ligament paused his football career. In the meantime, he has transformed into a decathlete for the track and field team. But even beyond his athletic ability is Smith’s prowess in the NIL marketplace –he has almost eighty NIL deals. His deals range from national shoe purveyor Eastbay to local restaurant Bubba’s 33, and he’s right here in southeastern Virginia. At last count, his net worth was nearly six figures.
There is a lesson to be learned from the King of NIL on both sides of the deal. First, student-athletes who go to small schools should not count themselves out. There is money to be made from NIL deals on a local, state, and perhaps even a national scale; there are deals out there if athletes are hungry enough to find them.
And second, NIL deals are a great way for local businesses to market themselves, both to students and lovers of local athletics and to a wider community. It might not be cost effective for a small business to partner with a Heisman winner, but there are talented and well-known local athletes who can lend their Names, Images, and Likenesses for the promotion of local goods and services. What better way to keep it local?
And of course, Kaufman & Canoles can help facilitate NIL deals—both for student-athletes and businesses—every step of the way. We can, and we will.
