Sep 10, 2024 | Branding, Endorsements, NIL, Social Media
Eeeeeeeeeeeeverybody thinks it’s a river of money in college athletics. We see the NIL deals, literally kids with lambos, the “pay to play” and wave of transfers – it all has everyone thinking that college athletes are money trees. That their sport skills have created the tree that grows money our parents always mentioned…
Yes, some athletes get some mega-streams of revenue but that’s way more the exception and nearly limited to primo college football players. Though, softball player NiJaree Canady was rumored to have received a 7-figure deal when she signed with Texas Tech.
(it’s safe to say there is a tidal wave growing in women’s sports but that’s for another blog post, or maybe a series on the growth in revenue in women’s sports? #mentalnote)
So in addition to the NIL+collective forms of payments, there are some clever ways athletes can make money now. We say “now” because it was only a few years ago where any of these streams of revenue would have gotten the athlete suspended or ineligible.
Here we go, the Top 5 ways college athletes make money in 2024:
Duh…
This is the most popular with the biggest $ opportunity. King of The Mountain.
For decades, businesses wanted college athletes to be brand ambassadors, endorse products, etc. because they want their business/product/service to be relatable to fans. They want fans of athletes and sports to think of their business, so they want that athlete+business association on display in an ad, commercial, etc.
But for those decades, any attempt at this kind of agreement would immediately strip the “amateur status” from the athlete and they’d be ineligible to play their sport, under NCAA guidelines.
Not anymore, college athletes are free to partner with brands, promote products, and build personal brands without jeopardizing their eligibility.
Some examples of NIL in use:
As more athletes build social media followings, NIL opportunities continue to expand with both micro-influencers and high-profile athletes signing lucrative contracts. This direct access to branding offers college athletes the chance to create an income stream while attending school that not-long-ago would have jeopardized their ability to play & stay in school.
Social media has redefined marketing. And now, college athletes with a strong online presence can leverage their followings to make money as influencers. It’s not just fashion or makeup or travel, athletes are using their followers from fans as a way to generate money.
(hint-hint, cough-cough, exactly what we do @ Impact Fans)
Instagram, TikTok, and Twitter – they’re not just for info, sharing, comments anymore. They’re true platforms athletes are using and leveraging for revenue that, again, not long ago would have meant the athlete could no longer play their sport…
What athletes can do to make money with social media:
It’s about engaging with your followers, creating content that drives engagement – repeat.
Do that and some social media deals will come to you.
This has to be the most under-utilized revenue opportunity for college athletes.
YouTube is searched on MORE than Google. Read that again, slowly.
So get your content on YouTube so you can pick up views where people are looking for info. Be informative. Be entertaining. Get it on YouTube for another use of your content. The same video you post in an Instagram Story, you post to TikTok, post it to YouTube too. It’s that easy.
And when you get to a certain # of subscribers (usually 100) you can start monetizing your YouTube channel.
And people are spending hours and hours on YouTube, way more time per video than TikTok or Insta. Those 2 are for shorter videos, but longer content on YouTube is a great way to make more money from more content.
Successful YouTube content ideas for you:
YouTube offers multiple monetization methods, from ad revenue based on views to affiliate partnerships where you can promote products and receive a commission for each sale. With consistency and creativity, a YouTube channel can generate significant income while growing an athlete’s personal brand too.
AND it’s an asset you can use and grow when your playing days are done…
Johnny Football would be making a real $1M off A&M jerseys right now…
But he couldn’t technically make a dime when he was in school off the insanity that surrounded him.
Now – fans can make $ when a team jersey with their # is on it. Fanatics has driven this like no one else, they’re selling jerseys and t-shirts like crazy and sharing $ back with the athletes.
There are custom wooden bats with a player’s name painted on them, where athletes get a portion of the sale because they’ve effectively licensed their name.
And yet others are starting full clothing brands. Their own image and look, where fans can buy the clothing line.
Real quick:
This takes more creativity but can create some great passive income. Once you create & launch, you can monetize. Vs social media or podcasting where you have to keep making content to keep making money. Making money while you sleep is the way to go!
Camps. Camps. Camps.
You’re a successful athlete. You’ve got the skills to compete and win. So help the next generation of athletes in your sport. Share how you practice and the drills you do to excel, and show younger athletes and their coaches or parents how do to the same. These kids have dreams to be you, show them what we never see – show them the work it takes, the drills, the mental toughness. Camps, clinics, or personal training is a great revenue stream that is also rewarding. Wait til you get the text message from a parent where their kid had a breakthrough after learning from you…
Ways to make money with sports camps or training sessions:
In-person events allow college athletes to earn money while making a positive impact on young players. Make money, make a difference.
Parents and aspiring athletes are often willing to pay a premium for training from a college athlete, especially if they are their kid’s heroes… Put your cape on and make some money!
College athletes today have more opportunities than ever to earn money while maintaining their eligibility. These revenue streams, from NIL deals to personal training sessions, provide financial flexibility and allow athletes to build a foundation for future careers too.
Kyle Jernigan is an accomplished digital strategies expert and entrepreneur with over two decades of experience in the digital marketing industry. He graduated from The University of Alabama, earning his degree in Computer Science. Kyle is the founder and CEO of Impact Fans. His passion for connecting people with technology is evident in his work with Impact Fans, making him a respected figure in collegiate sports.
