Here’s an expanded list of 50 questions that student-athletes should consider asking businesses when discussing potential NIL (Name, Image, and Likeness) deals:
Questions About the Deal Structure
- What specific products or services will I be promoting?
- How will my name, image, and likeness be used in your marketing campaigns?
- What is the duration of the NIL agreement?
- How much will I be compensated for my participation in this deal?
- Will the payment be a flat fee, commission-based, or a combination of both?
- Are there any performance metrics that will determine additional compensation?
- What are the payment terms (e.g., upfront payment, installments)?
- Will I receive any bonuses for exceeding performance targets?
- Are there options for renewal or extension of the agreement?
Questions About Responsibilities and Expectations
- What are the specific deliverables expected from me?
- Will I need to create content (e.g., social media posts, videos) as part of this deal?
- How often will I need to promote the brand?
- Are there specific platforms or channels I must use for promotion?
- Will I need to participate in promotional events or appearances?
- What happens if I cannot fulfill my obligations due to scheduling conflicts?
- How will I be expected to interact with your brand on social media?
Questions About Rights and Usage
- What rights does the business retain regarding my name, image, and likeness after the agreement ends?
- Will I have the opportunity to review and approve marketing materials before they are published?
- Are there exclusivity clauses that would prevent me from working with competing brands?
- Can I still engage in other NIL deals during this partnership?
Questions About Legal and Financial Considerations
- Are there any legal obligations or restrictions I should be aware of?
- Will the company cover any expenses incurred while fulfilling my role in the partnership?
- How will taxes be handled for the compensation I receive?
- What happens if I decide to terminate the agreement early?
- Are there potential risks or downsides to this partnership that I should consider?
- How will you handle disputes or disagreements that may arise during the partnership?
- Will I have access to legal or financial advice regarding this agreement?
Questions About Branding and Marketing
- How does your brand align with my personal brand and values?
- What marketing strategies do you plan to implement using my image?
- Can you provide examples of previous partnerships with other athletes?
- What kind of support will you provide in terms of marketing and promotion?
- Will I receive any training or guidance on how to effectively promote your brand?
Questions About Communication and Reporting
- How often will we communicate during the partnership?
- What methods will be used for ongoing communication (e.g., email, meetings)?
- Will there be regular performance reviews or feedback sessions?
- Who will be my main point of contact within your organization?
Questions About Long-Term Relationship Potential
- Are you open to exploring additional opportunities in the future?
- How do you envision our partnership evolving over time?
- Are there any upcoming campaigns or initiatives I should be aware of?
Questions About Company Credibility
- How long has your company been operating, and what is its reputation in the industry?
- Can you provide references from other athletes who have worked with you?
- What is your process for ensuring athlete safety and well-being during partnerships?
Questions About Personal Development
- Will this partnership help me build skills that will be valuable for my future career?
- Are there opportunities for mentorship or networking with other athletes or professionals?
Final Questions
- What is the approval process for any content I create?
- How will the partnership be measured for success?
- Are there opportunities for cross-promotion with other athletes or brands?
- What do you hope to achieve from this partnership?
- How do you plan to handle any negative publicity or backlash?
- Is there anything else I should know about this partnership before signing?
These questions will help student-athletes navigate the complexities of NIL agreements and make informed decisions that align with their personal and professional goals.