Florida State Soccer to receive merchandise royalties in first NIL deal

Florida State University (FSU) football, which won the NCAA championship in 2021, has signed a one-of-a-kind Name, Image and Likeness (NIL) endorsement that would provide players with royalty payments on commemorative merchandise sold online. A small percentage of the royalties would typically be donated to the NCAA, but the top body chose to waive its share, opening the door to the NIL deal.

The agreement was brokered by Rising Spear, a business entity that operates separately from FSU, in accordance with NCAA regulations. According to their website, Rising Spear “gives Florida State student-athletes the resources and roadmap to maximize their brand value.” The NIL collective was founded by Alan Flaumenhaft and Bob Davis, the latter a retired CPA and former national president of Seminole Boosters, the fundraising arm of FSU athletics.

“Rising Spear is a Name, Image, Likeness (NIL) organization that was created for the benefit of student-athletes,” Davis says on LinkedIn. “It has two platforms: Gold Standard will be the normal NIL organization that will help student-athletes be able to engage in endorsements, appearances and social media type jobs. The second platform is Garnet Spirit, which is a non-profit organization that will host speaking engagements and coaching clinics for student-athletes for other non-profit organizations in their community.

Due to the aforementioned NCAA regulations, championship apparel may not be sold on FSU’s campus or bookstore, but may be sold independently through online retail services and outlets.

The apparel features silhouettes of the players from the championship game winning moment with a specially designed FSU Championship logo by CLC, the school’s licensing agent. The Seminoles had to approve the use of their brand and the championship logo that appears on the apparel, according to Sports Business Journal.

NIL endorsements are relatively new to the world of college athletics, not becoming enacted as part of the NCAA Legislature until 2021. The state of Florida was one of the first to ratify the law as a as state policy in 2019, opening the door to other states. follow the movement. The NCAA NIL rules went into effect July 1 last year, allowing student-athletes to begin signing NIL agreements, beginning to cash in on their name, image and likeness.

As NIL endorsements become increasingly lucrative for athletes, the federal government, as well as some states, have sought ways to further regulate how the money is used to persuade athletes to attend school rather than another one.

last october USF senior basketball guard Wyatt Wilkes became the first active NCAA men’s basketball player for sale”non-fungible token(NFT) digital trading card using his name and likeness.

NFTs, “one-of-a-kind” digital assets that can be bought and sold like physical goods, are unique assets and artwork that are represented by code on a decentralized digital ledger called blockchain. As with cryptocurrency, the blockchain allows the ownership and validity of each to be tracked.