NIL Thread (Name, Image, Likeness Rule)
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Mr. Tibbs
- southeast DuPage
if you are a business, then paying for endorsements is a normal and ordinary business expense. deductible to the business and income to the player
Well, yes and no. Yes in the general sense, but no in the case of the newer of the two Illinois collectives. It only sends players to charities. It does not sell business endorsements. Or at least that is my understanding of what it does and does not do. I have been wrong on occasion.
That’s correct. My wife runs a nonprofit that works with them
Fan4FourDecades
Scottsdale/Chicago
I'm not an accountant, but from the below article:
"The organization's application for 501(c)(3) status is pending approval from the IRS, with an expected response in the summer of 2023. If/once approved, donor contributions to ICON Collective will qualify as being tax-deductible."
ICON Collective Launches to Provide NIL Opportunities to Illinois Student-Athletes - University of Illinois Athletics
ICON Collective to provide name, image and likeness opportunities to Fighting Illini student-athletes
fightingillini.com
I'm not an accountant, but from the below article:
"The organization's application for 501(c)(3) status is pending approval from the IRS, with an expected response in the summer of 2023. If/once approved, donor contributions to ICON Collective will qualify as being tax-deductible."
ICON Collective Launches to Provide NIL Opportunities to Illinois Student-Athletes - University of Illinois Athletics
ICON Collective to provide name, image and likeness opportunities to Fighting Illini student-athletes
Today's WSJ:
https://www.wsj.com/sports/irs-tax-edge-college-sports-booster-groups-427d403f?mod=sports_lead_pos1
"The Internal Revenue Service began blocking an increasingly popular method for funneling wealthy boosters’ money to college athletes, declaring that so-called “name, image and likeness” collectives generally can’t be structured as charities.
The tax agency’s decision, announced in a 12-page legal memo, will disrupt some collectives’ plans for paying top-tier athletes for their name, image and likeness (NIL)."
I'm sure the IRS called the NCAA and asked what should we do? You gotta help us figure it out!
/s
Did I miss something in the article? He seemed positive about everything and tried to put his move in terms others could understand. Roughly: "If others saw people at work doing less and getting paid more, they would want a raise too. I went and took a better paying job. I didn't take the highest paying job. There were other factors." That seems reasonable to me. This will probably be the biggest payday the kid ever gets. He should take it. The MI degree, while better, likely won't make up the difference over his career.
I do agree that pointing out how bad the NIL at MI was may cause MI issues going forward. I don't see stating the truth as a bad thing. MI can fix the situation or not.
Tacomallini
- Washington State
Dickinson said leaving Michigan was still one of the hardest decisions he's ever made. He "cried like a baby" when he told head coach Juwan Howard…
There’s only one way to interpret this. Juwan slapped him hard when he got the news.
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There we go.
I'd like to know how Goode merchandise ended up in Marshalls. Hope he still gets his cut.
GrayGhost77
- Centennial, CO
I'd 100% buy that jersey.
They also have #23 without a name.
3 point girl
- texas
which marshalls?
Big 12 Leads All Conferences in NIL Compensation
With an ever-changing climate surrounding recruiting in college sports through the use of NIL, the Big 12 Conference is staying ahead of the pack. In a recent chart from the Sports Business Journal, the Big 12 Conference officially checks in as the top conference for NIL compensation leading all...
www.heartlandcollegesports.com
My NIL deal…hire student athletes to be in commercials for a non profit. The purpose of the nonprofit would be to take down the NCAA. Would the NCAA have to allow this?
Interesting and not the order I would have thought...but how much of that is Texas and Oklahoma?Big 12 Leads All Conferences in NIL Compensation
With an ever-changing climate surrounding recruiting in college sports through the use of NIL, the Big 12 Conference is staying ahead of the pack. In a recent chart from the Sports Business Journal, the Big 12 Conference officially checks in as the top conference for NIL compensation leading all...
chrisRunner7
- Spokane, WA
Meh, I take this with a huge grain of salt. NIL deals are not public and Opendorse won't have a clue about most NIL deals done outside of its service, no?Big 12 Leads All Conferences in NIL Compensation
With an ever-changing climate surrounding recruiting in college sports through the use of NIL, the Big 12 Conference is staying ahead of the pack. In a recent chart from the Sports Business Journal, the Big 12 Conference officially checks in as the top conference for NIL compensation leading all...
I don't know if it's talking about total NIL or average NIL per college, but I assume this is only for NIL deals with Opendorse... and IIRC, they take a chunk of each NIL deal and therefore it's a pretty big disincentive for using that service for any large NIL deals that a collective might arrange.
Good for the Big 12, I guess, but I don't believe they are actually leading in NIL money overall. This is still more informative than those garbage On3 lists that keep coming out, though.
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