On Wednesday, the NCAA approved NIL guidelines that officially went into effect on Thursday, July 1. Student-athletes are now permitted to be compensated for their name, image, and likeness.
As of Thursday, UVM student-athletes are allowed to benefit from the use of their NIL. Compensation may be in the form of cash, products, or other benefits.
A few examples include autographs and personal memorabilia, social media, hosting camps or athletic clinics, and endorsements to name a few.
With the official rule change by the NCAA, student-athletes have a variety of new opportunities to grow their own personal brands and earn money.
UVM director of athletics Jeff Schulman spoke with the media on Thursday morning regarding the news and the guidelines put in place for Catamount athletes.
“There’s no restrictions on who the third parties involved can be. The key is that they actually have to exchange services. It can’t be just calling something an NIL when the reality is you’re paying a student-athlete. The disclosure component of this is really important. Our student-athletes have to disclose any kind of NIL agreements that they have” said Schulman.
Schulman added that many details will be sorted out within the upcoming months as the NCAA and universities work together.
UVM Athletics released a brief notice regarding NIL guidelines in place for student-athletes. “Starting on July 1 it is permissible for UVM student-athletes to benefit from the use of their NIL so long as the compensation received is commensurate with the market and does not violate any NCAA or UVM policy. Compensation may be in the form of cash, product, or receipt of other benefits.”
For a full release announcing the NIL guidelines from UVM Athletics click here.