LOUISVILLE, Ky. — The University of Louisville and the University of Kentucky are the latest schools to announce school-sponsored marketplaces to get compensation for student-athletes for their name, image and likeness (NIL). 

What You Need To Know

  • Louisville and Kentucky have both launched NIL marketplaces to help student-athletes

  • These are school-sanctioned marketplaces allowing boosters and companies to reach out to student-athletes

  • A member of UofL's staff says the marketplaces are great outlets that allow students to possibly get NIL deals

  • Gov. Andy Beshear was the first governor to allow college athletes to receive compensation

College athletes finally have permission to make money off NIL and the payment opportunities are flooding in. Louisville launched Elevate, and UK launched BBNIL Exchange, both are school-sanctioned marketplaces to allow boosters and companies to reach out and pay student-athletes.

These efforts follow fan collectives, set up to do the same thing.

Matt Banker is a former NCAA staff member who spent years as an associate athletic director at Louisville, coordinating that school’s NIL efforts. He’s now a full-time consultant in the college of sports.

Banker said, “The good thing is for the student-athlete is they have a variety of these outlets where they can potentially get NIL deals. So, there isn’t a shortage of that. In fact, some would say there’s so much of it that I think that’s where I think in time we’ll see some efficiency.”

Banker said he expects consolidation to occur as the NIL market develops and believes the government may play a role as well.

“There’s a lot of conversation about creating a national rule. Right now, we really have a hodge-podge of state laws or lack of state laws. Some states don’t even have NIL provisions. In addition, the NCAA rules have changed a little bit. There’s still a lot of chaos out there and I think the appetite is to have more universal rules around this, in a good way, so that the NIL deals can still happen,” said Banker.

Even if changes come, expect NIL deals to continue to be a home run for student athletes.

Last year, Gov. Andy Beshear became the first governor to allow college athletes to receive compensation for NIL, after the U.S. Supreme Court ruled against the NCAA on measures. According to Beshear, this was to make Kentucky a more competitive destination for student-athletes making their school choices. 

Related Stories