NIL’s

Beasts of the East said:
Vin and his partners have come up with a very innovative process that will satisfy the IRS and be well within guidelines. They are very smart attorneys and great fans, and studied IRS rules for charitable entities including audits. I'm really excited about their plans and it will be a way for fans to support NIL, have their money do real charitable things, and qualify for tax deductible status.

In addition to Rick's partners, he is advised by some large donors who have had tremendous Wall Street and corporate success.

This might be premature but if successful this will be a model that all NIL collectives will seek to follow.
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On the surface of their press release, it sounds a lot like what one of the Michigan charitable NILs is doing. But maybe the Storm Marketing version is different.

In the Michigan NIL, 70% of all the money raised goes to charities and 30% gets paid to football players, who “earn” it by doing community service for various charities. Donors get a tax deduction. The players get paid $40,000 to do 6 hours per semester of charity-oriented service.

The Michigan NIL is staffed by unpaid volunteers and that’s essentially how they justify paying 30% to the players. ie- since all charities have administrative costs, they contend that the 30% being paid to the players is reasonable. Some experts disagree and believe the IRS will step in and revoke their charitable status, on the basis that the player payments are not what would be considered “reasonable and necessary” for a charity, and are instead clearly aimed at paying them for playing Michigan football.

It’ll be interesting to see how the new Storm Marketing NIL is set up.
 
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redmen4life said:
i don't understand this at all.

the NIL money comes from brands and paid directly to athletes.

so why would something like a foreign trip, that is paid for by the school, be compromised?

it's two different funding sources, right?
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It’s horsesh*t that’s why. Nobody is turning down a foreign trip and all the advantages it brings.
 
With NIL craziness & NCAA currently unable to harness,
Got to start treating the student athletes as PROs.

Should NCAA allow more games per year (8-10?) to allow schools to recoup HUGE NIL spent ?

It should be optional, Div 2& 3 not, but Div 1 schools optional.

Thoughts ?
 
Stevep502 said:
With NIL craziness & NCAA currently unable to harness,
Got to start treating the student athletes as PROs.

Should NCAA allow more games per year (8-10?) to allow schools to recoup HUGE NIL spent ?

It should be optional, Div 2& 3 not, but Div 1 schools optional.

Thoughts ?
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Schools aren’t the ones spending NIL $
 
Pryor will be in the $800K range, not because he's a future "all conference" player, but because we're at the last minute negotiations for him.
 
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