College athletes cash in on 2021 SCOTUS NIL decision
- myNILpay, a new app, lets fans pay athletes directly like Venmo or Cash App
- Support: Money will help fund athletes' business ventures, nonprofits
- Critic: Lack of regulations; Athletes need to learn how to be money smart
FILE – UCLA guard Jaime Jaquez Jr., right, tries to get by Southern California forward Isaiah Mobley during the second half of an NCAA college basketball game on March 5, 2022, in Los Angeles. UCLA and Southern California are planning to leave the Pac-12 for the Big Ten Conference in a seismic change that could lead to another major realignment of college sports. A person who spoke to The Associated Press on Thursday, June 30, 2022, on condition of anonymity because the schools’ talks with the Big Ten have not been made public said the schools have taken steps to request an invitation to join the conference. (AP Photo/Mark J. Terrill, File)
DALLAS (NewsNation) — Now that it is legal for college athletes to make money on their name, image and likeness (NIL), there’s a new app that lets fans pay their favorite players directly.
Instead of on the court or field, more than 520,000 college athletes may now be able to score in their bank accounts.
The new app — myNILpay — works just like Venmo or Cash App and is compliant with NCAA NIL rules and regulations. Launched earlier this month, the app allows fans to search for every college athlete and send them cash.
“It’s that simple,” the app’s developer, Brent Chapman, said.
Some students have already shared their profiles, like Michigan State football player Tunmise Adeleye who announced his partnership with the app on Twitter.
“These funds will help me and other athletes like me fund private business ventures, as well as nonprofit work like youth football camps,” Adeleye wrote in his post.
Fans can sign up on the app and pay their favorite players between $20 and $5,000.
In return, the fan receives digital art with the athlete’s signature on it — almost like a baseball with an autograph but online.
The developer said there’s no limit to what the athlete can earn.
“That opens it up to such a larger base. You get national fans, local fans, everybody to support these kids and it’s not millions, but $20, $50 can really add up for some of these players,” Chapman said.
Back in 2021, the U.S. Supreme Court decided college athletes could make money from their name, image and likeness (NIL).
Since then, some athletes have made millions.
Louisiana State University gymnast Olivia Dunne has an annual value of $3.4 million, according to On3.
Former Alabama University quarterback Bryce Young, who has since been drafted by the Carolina Panthers, signed an NIL deal with Nissan.
To some, it’s a gold rush, and to others, it’s chaos. Some have raised concerns about the lack of regulation, even testifying about it before Congress in March.
“I wish there had been more federal legislation because in the past two years, even though I could capitalize on my NIL, it’s been very confusing,” Florida State University softball player Kaley Mudge said.
Former athletes say that now more than ever there needs to be more training and guidance for students on how to manage their brands and finances.
“Our focus was so much on making sure we were performing on the game or weekend competitions. So for athletes, it’s not just about having the money. We’ve already heard about professional athletes blowing millions of dollars. College athletes need to think about the same thing: ‘How can we leverage that money? How can we be responsible with that money? And how can we build on that money?'” coach AK Ikwuakor, a former college athlete, said.
NewsNation reached out to the NCAA for comment, but has not heard back.
The app is still very new, so there isn’t enough data on how much money the athletes have made. However, the developer said there have been 1,000 downloads so far.
