Aliyah Boston, a 20-year-old star forward for the top-ranked University of South Carolina women’s basketball team, was set on making some impressive financial moves off the court in the off season.
She signed a deal with fast-food chain Bojangles — and got paid.
“Someone asked me about basically doing a promotion for the new chicken sandwich that came out,” said Boston, a communications major, who then made a video and Instagram post.
It was just the beginning. Many companies have since reached out to her about sponsorships and endorsements. She decides when to say yes.
Boston is among a growing number of college athletes with more opportunities than ever to partner with companies and profit from the use of their name, image and likeness.
Aliyah Boston, a basketball player at University of South Carolina, is earning money through sponsorships and endorsements thanks to a new NCAA policy.
CNBC
At a special NCAA convention on Monday, delegates discussed making major changes to its constitution — including supporting college athletes getting paid for “NIL” activities, like autograph signings, endorsements and personal appearances. Before an interim policy went into effect July 1, the NCAA — the body that regulates college athletics – had long denied athletes those rights.
“NIL is like a bonus for us,” Boston said. “It’s a way for us to show off our brand and what we’re all about.”
More than half of the 16-player team has NIL deals, said University of South Carolina head coach and Women’s Basketball Hall of Famer Dawn Staley. “Some of them have some lucrative deals, and some of them are just being influencers.”
Yet with new opportunities come new challenges to make sure students avoid financial missteps. Staley, who has coached the South Carolina team for 13 seasons and played in the WNBA for eight years, shared this motto on Twitter: “Be a business. Be a brand. Be on the lookout for Uncle Sam!”
NFL linebacker Brandon Copeland agrees that not being aware of the potential tax hit on this newfound income is one of the biggest possible pitfalls for players — in college and the pros.
Copeland, a member of the CNBC Invest in You Financial Wellness Council, said it’s time for students to create a financial game plan.
“I need all those college athletes who are about to make those checks and about to make that money to understand how your money works, and put a budget in place — so you don’t get caught without the right amount of money to be able to pay that tax bill,” said Copeland, who teaches a personal finance course at the Wharton School at the University of Pennsylvania during his off season.
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