NIL Valuations: Understanding Your Worth in the New College Sports Economy

This is not legal advice, but general information.

When the NCAA changed its rules in 2021, student athletes gained the ability to profit from their name, image, and likeness (NIL). Almost overnight, the college sports landscape shifted into a fast-moving marketplace of deals, endorsements, and opportunities. But with opportunity comes complexity, and one of the biggest questions athletes, schools, and brands face is: What is an athlete actually worth?

That’s where NIL valuations come in.

What exactly is an NIL valuation?

An NIL valuation is, in essence, an estimate of how much an athlete’s personal brand is worth on the open market. It’s not a paycheck, and it’s not a guarantee of future earnings. Rather, it’s a data driven projection that draws on multiple extrinsic factors such as athletic performance, social media reach, and overall visibility to measure a student athlete’s potential earning power.

In many ways, NIL valuations function like traditional business valuations they are not exact figures but informed estimates that provide useful direction. Platforms such as On3, IconSource, and Opendorse specialize in tracking and publishing these valuations to give athletes, schools, and brands a clearer sense of market value. Still, even the most sophisticated systems cannot deliver a definitive number for every NIL valuation or predict NIL transaction figures.  Instead, they operate as a reliable starting point to help the parties involved set realistic expectations and negotiate from a more informed position.

What shapes a student athlete’s NIL value?

The simple truth is not all athletes are valued the same. Two players might attend the same school, play the same sport, even line up at the same position; however, that doesn’t mean that their NIL valuations can’t still differ by thousands, or even hundreds of thousands of dollars.

That said, an athlete’s value is shaped by more than just wins and trophies. Performance and accolades help, but they rarely tell the whole story. In many cases, visibility matters even more. Athletes in sports that attract the most attention, like football and basketball, usually command the highest valuations, especially when they play at schools in nationally recognized conferences. The reason is simple. When brands, schools, or sponsors decide where to invest, they are ultimately paying for recognition. So, if fans and consumers do not know who an athlete is, the commercial impact of their name, image, or likeness will always be limited. Going to a big school or playing a popular sport can increase NIL value, but it is not the only factor.

Visibility off the field can be just as powerful. An athlete’s social media presence often carries as much weight as game day performance and can often boost NIL valuations for smaller non-revenue athletes. A large following helps, but even a smaller audience that is highly engaged can make an athlete attractive to brands as well.

Family legacy can also add another layer of value. Well-known names like Manning or James come with built-in recognition that amplifies marketability from the start.

And finally, while the NCAA continues to prohibit direct “pay-for-play”, the way schools distribute their newly permitted House Settlement revenue-share funds are likely to shape the kinds of NIL opportunities that student athletes are likely to see in the future.

In short, an NIL valuation is never determined by one thing alone. It is the result of performance, visibility, reputation, and larger market forces working together.

Why do NIL valuations matter?

For student athletes, understanding the mechanics of NIL valuations is a key negotiation tool. It sets realistic expectations for them when entering talks with sponsors or collectives and highlights what areas they can improve if they have a goal of increasing their NIL throughout their collegiate career.

For schools and athletic departments, valuations matter because they shape recruiting and retention strategies. A school that knows the going rate for certain players can better evaluate whether they can realistically compete for top talent and strategize how to maximize their own productivity.

Lastly, brands and third party investors use valuations in the same way businesses use market research. They need to know if the dollars they spend on a deal will bring a worthwhile return.

In other words, NIL valuations aren’t just numbers, they’re decision making tools for everyone involved in this new marketplace.

Where can you find NIL valuations?

The most widely recognized platform for NIL valuations is On3, which uses a proprietary algorithm to generate up-to-date student athlete valuations. Their system breaks things down into two parts:

• “Roster Value” which captures the athlete’s value to a team or collective, and
• “Brand Value” which measures marketability to outside companies.

Together, these values give a comprehensive picture of both the institutional and commercial worth of student athletes.

However, while On3 is an incredibly useful and valuable resource for all things NIL, not every valuation on the website is publicly available. They exclusively publish valuations for those that exceed $1.5 million, while others require a subscription.

Outside of On3, NIL marketplaces like Opendorse, INFLCR (which partners with On3), and IconSource also provide valuations or deal-tracking tools, though athletes and schools may need access through partnerships or accounts to view them.

The bigger picture and why legal guidance matters

The NIL market is growing at an unprecedented pace, projected to exceed $2.5 billion annually within the next few years. In this expanding landscape, high-profile athletes like Arch Manning and Jeremiah Smith command multi-million dollar valuations, showing just how much performance, visibility, and personal branding can translate into financial opportunity. But NIL isn’t just for the stars. Every athlete, from household names to role players, faces real world consequences when navigating these deals, and understanding one’s value is critical for making informed decisions.

That said, knowing your NIL valuation is only the first step. The real challenge lies in applying that knowledge effectively. This is where professional guidance becomes essential. NIL contracts are more than simple endorsement checks. Instead, they come with obligations, compliance requirements, and tax implications that can affect athletes long after the season ends and in some cases their careers. A sports or NIL attorney can help ensure that every agreement is structured fairly, protects long-term interests, and complies with NCAA and state regulations, giving athletes the confidence to leverage their brand wisely.

Final Thoughts

NIL valuations are more than headlines. They are roadmaps to navigating the new college sports economy. For athletes, it provides leverage and insight into how to grow their personal brand. For schools and brands, it shapes recruiting, budgeting, and investment strategies. However, because the stakes are high and the rules are evolving, athletes shouldn’t navigate these waters alone.