Last night was Session III of our NIL Zoom class with marketing and endorsement expert Sammy Spina of Vantage Management Group. We brought you several highlights from Sammy’s first session last week, but there’s far more where that came from.
Last night, Sammy went into depth on contracts and agreements, both between the agent and his client and the client and a potential business seeking to engage him. Here are a few valuable points he made.
- When it comes to setting up an agreement with your first NIL client, don’t overcomplicate it. I see a lot of fear from agents on this, but it’s probably not necessary as long as you’re careful.
- It’s not a bad idea to send your agreement to the compliance department at the player’s school. It may save you trouble down the line.
- Consider not signing players to exclusive deals. It helps the client understand that your relationship is not built on a contract, but on how productive you can be for him.
- Make sure it’s clear with your client (and anyone else who reads the contract) this is an NIL agreement only, not an NFL representation agreement. Seems pretty elementary, but it might help to reaffirm the boundaries of the deal.
- Some agencies charge 30 percent on their deals, but it’s a good idea to stay between 10-20 percent commission. Fifteen percent is common.
- Most local companies in college markets don’t do a lot of endorsements and marketing, so make sure you have an agreement ready to help walk them through the process. This stuff is new; make sure you’re willing to be the guide.
- Make sure you’re putting limitations on how long an establishment can use a player’s name, image and likeness. Remember, your client’s NIL has value. Don’t give it away indefinitely.
- Make sure the company understands in advance if the school doesn’t allow the player to use the school logo/marks. You don’t want a disappointed franchise owner once the appearance takes place or the post comes out.
- Remember: Collectives may seem closely associated with a school, but they have no official relationship with a school. It’s an important distinction.
- The vast majority of athletes are entering into deals for $5,000 or less, so don’t put too much pressure on yourself or your client. Also, don’t believe everything you hear or see on the Internet.
There’s still one more night (tonight — the session kicks off at 8 p.m. ET), so if you’re interested in NIL, please join us. You can sign up here. Don’t forget, you get the videos from all four sessions as part of the price ($100 plus tax). I hope you can join us.