The name, image and likeness (NIL) market for student-athletes has seen unprecedented growth since its inception in 2021. According to Opendorse, an athlete marketplace and NIL technology company, the market is projected to expand from $917 million in 2021-22 to an estimated $1.67 billion by 2024-25.
A combination of school policies and state laws currently dictates the deals athletes can make, ESPN reported. In states lacking oversight, the NCAA requires universities to establish policies for their athletes.
Highlighting the lucrative potential of NIL deals, Colorado quarterback Shedeur Sanders, son of Buffaloes coach Deion Sanders, holds the top NIL valuation at $6.2 million, according to media and tech company On3. His endorsements include Nike, Beats by Dre and Google.