Catching Passes and Dollars

Think of a time when you were a kid, desperately pleading with your parents for the hyped, must-have sneakers. Occasionally, they would say yes; most of the time, you would wait. Now, after all those years of not getting the items you desired, you are able to purchase them on the spot yourself. This is because you think you have all the money in the world. For today’s student athletes receiving NIL (Name, Image, and Likeness) this is their reality. However, without financial literacy, this “freedom” or world without having to ask can and will turn into a financial crisis. It is expected that by 2026, college athletes will earn up to $2 billion in NIL revenues (Bloomberg). That being said, the rate of revenue being sent to collegiate athletes is only growing. Since NIL money is not going away, financial literacy education must be put in place for these athletes. Financial literacy means equipping student athletes with the understanding and skills of saving, spending, and lending. So if an athlete is handed $25,000, their first reaction is not to spend it rather to use their knowledge to save and prepare for their financial future. The rapid growth of NIL revenue provides college athletes with instant spending power, similar to a child-like feeling of being able to buy every pair of sneakers they want. Without financial literacy, the new earnings can lead to long-term financial hardship. Therefore, furnishing student-athletes with financial education is critical to protect both their present success and future stability.

Let’s begin. NIL has always been around; money was given above the table or supplied through backdoor bonuses. Money has always meant power in college sports; if a wealthy donor wanted a certain player at their school, they usually found a way to make it happen. But the game shifted dramatically in June 2025 with House v. NCAA, which officially allowed colleges to pay their athletes directly. A new door has opened, and athletes now have countless opportunities to earn money in a variety of ways. The money is here to stay and on an upward path. The issue isn’t that athletes are earning significant money; it’s that many are receiving life-changing sums without the financial knowledge to manage them responsibly. The closest to understanding this challenge and the cruciality of financial literacy lies in a firsthand source, Jack Betts. Betts is the assistant to the GM of SMU football and former collegiate athlete. “As a former student-athlete who was deeply immersed in this new age of collegiate athletics, I have witnessed firsthand how the time we spend in college directly shapes the trajectory of our future. NIL and financial literacy must go hand in hand in this new era of athlete democratization, because having a baseline of knowledge about what it means to be financially responsible today can pay dividends well beyond an athlete’s playing days. This is a moment in time where we must act in the best interest of our student-athletes, and it begins with equipping them with the proper tools to help them invest in their future.” Betts is highlighting that NIL is more than just extra spending money; it’s income that has to be earned, spent, and saved responsibly. However, asking athletes to manage this without education isn’t an appropriate ask; student-athletes need a starting point and a foundation to build upon. Financial literacy provides that foundation, giving athletes the tools to make smart choices now and setting them up for stability and success long after their playing days are over. The habits they form with NIL money don’t just impact their college years; they transfer into their careers, families, and futures.

Student-athletes earning NIL in college, see the potential to play in the big leagues. In the NFL, the pay only increases, so managing money as they advance in their career becomes even more demanding and important. Giff Smith, Defensive Line Coach/Run Game Coordinator for the Los Angeles Rams, works with professional athletes every day. He sees firsthand the paychecks and how athletes use their money. Smith explained, “With the NIL money players are earning in college today, you have to learn how to say ‘no’ when friends and family ask for money. It used to start when you signed your first NFL contract!” Without financial training, one of the many common ways athletes are irresponsible with their money comes from giving money to family and friends. The situation is very problematic for the athlete, which only highlights the importance of the needed education on financial literacy. When a student-athlete earns a high paycheck, most of the time it is publicized. That being said, those in relation to the player take the opportunity to ask for financial backing because they believe the player now has unlimited funds, so just a little giving will not impact the student-athlete. However, every request impacts the player. The more friends and family ask, the more the player starts to rack up a tab in money that the athlete is freely giving away. Undoubtedly, the athlete wants to help those around him who need extra money, which makes it difficult for the athlete to say no. Additionally, the athlete will wish to spend some of his new earnings on himself, his friends, and potential relationship partners. With the proper financial literacy, these financial situations will be significantly easier for the student athlete to handle and allow them to translate as they advance athletically. As Smith emphasizes the importance of saying “no”, the financial literacy education will teach the athlete how to respond to requests for money and how to spend while maximizing enjoyment, but also being responsible. 

How to Act. Change begins with awareness and attention. Those who are not financial experts can still make a huge impact by raising awareness of the importance of financial literacy for student-athletes and helping connect colleges with financial firms and advisors. Society can play a role in giving athletes the support they need. Financial advisors and those strong in the field of finance have the skills and knowledge to benefit student athletes. With the growing awareness of the need for financial literacy among student-athletes receiving NIL and the effort of colleges and financial firms working together, it can help athletes become financially literate. While the college athletes provide us with nail-biting plays, school pride, time with family and friends full of cheers, and hours of excitement, let’s provide them with the tools to build long-term financial success beyond the field.