Jay Bilas identifies life lessons provided by NIL

Young adults often complain about never being taught in school how to manage their financial interests, legal obligations and everything else that comes with being an adult in the real world. Well – problem solved.

According to Jay Bilas, NIL has created real-world situations for young student athletes across the country to learn real-time how to negotiate deals with brands to benefit off their personal likeness.

“One of the clear positives of NIL is the financial literacy for athletes that comes with the business of college sports,” Bilas said. “Now, athletes can engage in commercial activity, sign contracts, pay taxes, make financial decisions whether to save or invest, and learn important lessons about how the business world really works. It is a great opportunity for athletes to learn and for schools to educate.

“In addition, since NIL, we have seen examples of athletes donating money earned to charitable causes they believe in. Such donations should not be seen as a requirement, but they are most certainly a positive of NIL.”

It’s always nice to scroll down social media and see a NFL or NBA player giving back to their family, community and those in need, but now, collegiate athletes can do the same and not have to worry about jumping to a professional route sooner that they’re ready.

Quite often, players have discussed the reason for jumping to the pro’s faster than they otherwise would can be chalked up to financial complications. A professional paycheck is worth more than a college degree – and you can’t place blame on anyone for thinking that way – but now, college athletes can finish school and earn a healthy living at the same time.

“Before NIL, the choice to remain in college or join the true “pay for play” professional ranks was a black and white, all or nothing decision. An athlete could choose to stay in school and earn no money, or leave school to earn money,” Bilas said. “With NIL, players now have the option to continue their education and earn money, and many have chosen to do so.”