Rent it out for weddings, conferences, etc., and make that the NIL money.
Rent, or proceeds from the sale from the Staten Island campus could not be used by St. John’s to fund NIL.
NIL funds must come from a third party source.
The recipient athlete must perform some activity in return for the funds (assist in advertising, participate in youth program, etc.) which return activity is likely disproportionately lopsided.
NILs are typically created by boosters of a schools program although a handful of national companies are paying athletes for advertising (see DoorDash and Buffalo Wild Wings) . NILs take many different forms: by a local company for advertising (ie. a car dealer etc.), as a single donor fund (see: billionaire at UMiami), as a collective (see: UNC’s “Heels for Life”), or as a not-for-profit foundation (see: Syracuse University “315 Foundation“). The advantage of the not for profit is that the contributions are tax deductible intended to attract larger contributions.
The collective and foundation are both open to public funding by contributions from athletic boosters of a school. Most NIL collectives and foundations accept monthly donations from athletic boosters of the school (Ie. $9.99 per month is common).
The NIL entity is suppose to distribute funds to athletes independent from direction of the school (wink).
Many NILs have committed to distributing a minimum sum among all members of a designated athletic program. Two Big East NILs are alleged to promised each member of their supported mens basketball teams $20K per player. The NIL supporting SMU is promising its mens basketball program $36K per year which the athletes would receive in addition to scholarship, room and board.
To date the heaviest NIL money has come down on college football but college basketball is starting to attract biggger mone.
NIL money is now appearing at the D3 and high school level.