Must NIL deals be documented in writing?
Stanford recommends all NIL deals be documented in writing; this approach allows the Stanford Athletics Compliance Office to fully vet the deal, ensuring there are no prohibited terms or conditions that may jeopardize a student-athlete’s athletic eligibility. However, there is not any state law or NCAA regulation prohibiting verbal NIL agreements. Whether written or verbal, all NIL deals must be disclosed to the Stanford Athletics Compliance Office.
Will the Stanford Athletics Compliance Office review student-athlete NIL agreements in advance of signing?
Yes. However, Stanford Athletics Compliance will provide feedback as to whether the agreement complies with California law, NCAA rules and regulations, and Stanford policies only. Stanford will not provide feedback as to any other terms of the agreement. Moreover, Stanford is only permitted to provide feedback directly to the student-athlete and/or their parent(s) (i.e., not other parties including agents, businesses, boosters, etc.). Stanford Athletics recommends that all third parties seeking to enter into a deal with a student-athlete draft the NIL agreement language and send it to the student-athlete and the Athletics Compliance Office for review. The Stanford Athletics Office will then work with the student-athlete on any questions or issues identified.
Must a student-athlete disclose the details of their NIL agreement?
Yes. California law requires student-athletes to disclose details of any NIL agreements they enter into to their institutions. The Stanford Athletics Compliance Office has established the INFLCR Verified App as the appropriate reporting unit and has provided education to student-athletes on the proper reporting procedures.
How does a student-athlete disclose their deals?
Student-athletes must use INFLCR Verified to submit any NIL agreements to the Stanford Athletics Compliance Office. Once a student-athlete has submitted their NIL agreement via INFLCR Verified, he/she/they will be able to see when the submission has been formally approved by the Stanford Athletics Compliance Office in the INFLCR Verified app.
Steps for accessing INFLCR Verified:
- Open the INFLCR App
- Verify you have downloaded the most recent version of the app
- Scroll down to the bottom and select the dollar sign button
They are three ways to disclose a NIL transaction in INFLCR Verified:
- INFLCR Exchange - transactions made through the Exchange are automatically logged and reported through INFLCR Verified; or
- Share Link - once in the app, email the link to anyone you’d like to fill out the transaction details on your behalf (e.g., parent, NIL agent, 3rd party company); or
- Self Report - once in the app, fill out the transaction details on your own
IMPORTANT NOTES:
- When a student-athlete reports a NIL deal via the Share Link or the Self Report, it is critical they disclose all details and terms of the deal. The more details the student-athlete provides, the sooner Stanford will be able to approve the transaction.
- Student-athletes should be checking INFLCR for communications and requests from the Athletics Compliance Office regarding submitted disclosures.
May a student-athlete allow an agent or parent to disclose NIL deals on the student-athlete’s behalf?
Yes, a student-athlete can have an agent or parent disclose an NIL deal(s) through INFLCR Verified App on the student-athlete’s behalf. To do so, the student-athlete can utilize the “Share Link” option in the INFLCR Verified app to email the respective disclosure representative.
When must a student-athlete disclose the details of their NIL agreement to Stanford?
There is no mandated time frame in which a student-athlete must disclose their NIL agreement to Stanford. However, Stanford recommends that student-athletes disclose the proposed details of their agreement prior to formally entering into any agreements, that way Stanford can review the agreement to determine if any provision conflicts with Stanford’s NIL Policy and/or may present NCAA, conference, or school compliance and/or eligibility challenges.
Are third parties (e.g., professional service providers, boosters, businesses, etc.) responsible for reporting NIL deals that include Stanford student-athletes to Stanford Athletics?
No. It is a student-athlete’s responsibility, and not that of any third parties (e.g., professional service providers, boosters, businesses, etc.) to disclose NIL deals to the Stanford Athletics Compliance Office via INFLCR.