Op-ed: Here’s the financial impact of NCAA permitting college athletes to profit off their name, image and likeness.
The agent will typically take the lead in representing the player and using their in-house team or network of professionals to service the player. Agents will normally take a 20% commission on marketing deals they secure for athletes, but this can also be negotiated based on the size of the deal.
Of course, not every athlete has the ability to take their careers beyond college to the professional level or the Olympics, for example. Many athletes will find college sports is their only opportunity to monetize their name, image and likeness. For these athletes, it will be crucial to plan carefully, with little margin for error, as they position themselves to build and protect wealth in the short-term.
The proper advice will help the athlete make sure they are getting the best deal they can, while they are protected in the process. There also may be ways they can reduce their tax burden and increase their after-tax net income received from the use of their name, image and likeness. Understanding these money issues, even at a basic level, will help the athlete have a better feel for what the financial team is doing for them. These student athletes should look at this as an investment in themselves and their future.
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