In June 2021, the National Collegiate Athletic Association (NCAA), released new rules regarding name, image, and likeness.
According to NBC Chicago, NIL rules for athletes compensation, usually money, that college athletes earn for the use of their name, image, or likeness. Examples of this include being paid for autographs, pocketing registration costs for a sports camp they run, or earning a free meal for posting about a restaurant.
The NCAA changed these rules after a series of states passed laws keeping the NCAA from interfering with athletes earning NIL compensation.
Notwithstanding concerns about the new rules damaging college athletics, these changes will be good for college athletes.
First, many college students are in need of financial aid to attend college. According to americanprogress.org, nearly 11 million American children live in poverty. Because of this, many are unable to afford college. If they are athletes, being able to profit off of their name, image, and likeness will allow them to pay for their needs, such as textbooks, housing, and food, and support their families.
Second, this provides college athletes an opportunity to manage their finances more independently. College is seen by some as a transition period where people are beginning to take control of their own finances and are receiving less and less help from their parents. If athletes are given the opportunity to manage their incomes independently, they can learn important skills to use after college.
Some coaches and athletic directors may have concerns about athletes wasting the income they receive from sponsorships. However, there is a solution. Students and professors from the college’s business school can teach athletes tips for money management and how to start savings accounts that will be important to their future, and those from the law school can educate athletes on how to ensure an agent is credible.
Additionally, some NCAA fans have concerns that sports will become more about the money than the love of the game. However, when athletes benefit off their NIL, they are doing it outside of games and competitions.
Despite concerns about the ethics of looser NIL rules and how they will affect NCAA sports, the new rules benefit athletes and their families and give them more independence, improving their livelihoods.