Study: Women's sports driving record NIL growth as rev-share era begins

Through the first years of the NIL era, women’s sports thrived. With the revenue-sharing era in its early stages, that trend is primed to continue, according to a new report from Opendorse.

Women’s sports are on track to drive record NIL growth, the study showed. Rev-share is also part of the equation as schools continue to invest in women’s athletics.

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Women’s basketball, in particular, is receiving the third-most rev-share dollars from schools under the $20.5 million cap set by the House settlement. Roughly $1.8 million – or 8% – of the cap is expected to go toward those athletes, according to data compiled by Opendorse from the top 10 football conferences.

In fact, between 8% and 12% of rev-share dollars are heading toward women’s sports. That group includes volleyball, gymnastics and soccer, among others.

Even beyond the investment from schools, women’s sports have also become a bigger revenue stream. From 2022-24, women’s athletics grew 4.5 times faster than men’s sports, according to Opendorse.

That popularity surge includes the 2024 women’s basketball national championship, which drew 18.9 million viewers. It also became ESPN’s most-watched basketball game in history. This past year, the 2025 WCWS final also set a record with 2.7 million viewers.

Social media followers show brand opportunities

From an NIL standpoint, women’s athletics is also seeing a growth in sponsorship opportunities. That includes a 12% annual deal growth, compared to an 8% increase for men’s sports.

That starts with social media followers, which are a pillar for building brands. Six women’s athletes have more than 1 million followers. LSU basketball guard Flau’jae Johnson (3.8 million), UCLA gymnast Jordan Chiles (2.6 million), USC guard JuJu Watkins (1.6 million) and UConn forward Azzi Fudd (1.4 million) lead that charge.

As women’s sports’ upward trajectory continues, the expectation is the investment will follow suit. Opendorse projects more than $663.3 million will go toward women’s athletics as part of a combination of commercial, collective and collegiate NIL deals.

“Our latest report confirms that women’s sports are not just part of the NIL conversation – they are at the forefront of it,” said Opendorse CEO Steve Denton in a statement. “Female athletes continue to deliver unmatched engagement, authenticity and commercial results, establishing themselves as the most valuable voices in college sports marketing.”