Let the games begin.
Georgia college athletes are free to profit from their name, image and likeness (NIL) starting today. Over 20 athletes from the University of Georgia and Georgia Tech have agreed to sign up with Fans Meet Idols, said Atlanta entrepreneur Steve Kennedy, who's startup allows athletes to create their own storefronts and offer autographs and merchandise.
A few have already launched their storefronts while the rest are expected to activate after the holiday weekend. UGA pitcher Jaden Woods and Tech volleyball player Kayla Kaiser are among local athletes already offering personalized audio and video messages.
Not everyone will be approached with opportunities to cash in from endorsements.
That’s where Kennedy and his startup Fans Meet Idols step in. Kennedy believes his company will fill a void for the majority of athletes nationwide, who will be left disappointed when they realize their lack of NIL earning power.
“All these kids are expecting there’s going to be this windfall of cash that’s going to come available on July 1,” said Kennedy, who ran a recruiting data company called Bluechip Athletics Solutions. “The reality is these student-athletes are going to learn quickly that they don’t have a big enough brand yet or enough social media followers to get the attention from endorsement deals.”
There's a wide range of NIL marketplaces, including Icon Source, that are geared to connect athletes with brands. Fans Meet Idols' mission takes a different twist as it provides athletes a chance to sell directly to fans.
Kennedy, who is launching his fifth startup, says that his company will handle compliance issues and other legalities. College athletes enrolled on Fans Meet Idols set their own prices for their packaged services while Fans Meet Idols will take a 10-25% commission from each sale, depending on the transaction.
Whether they’re selling branded t-shirts or being paid to join a NBA 2K tournament, the startup aims to provide athletes with a platform to sell their celebrity for fan consumption. It’s also a chance for upperclassmen to monetize their popularity with their respective fanbase, since they may not have time left to build their social media following before leaving school.
“The good news is fans don’t care about how big your brand is,” Kennedy said. “Fans are fans of yours because of who you’re.”
Atlanta-based apparel company Onward Reserve is poised to offer endorsement deals to UGA athletes, including those who play non-revenue sports like baseball and track. But as the new era begins, it's unclear how many other lesser known athletes will find opportunities to put extra dollars in their pockets.
Former Ohio State quarterback Justin Fields and Clemson quarterback Trevor Lawerence — both Georgia natives — could've earned over a $1 million from their NIL, according to sports tech company Opendorse. High-profile stars will certainly be first in line to reap the benefits from the historic change in college athletics.
"That's only 1-3% of student athletes," Kennedy added. "I'm out here trying to help the other 97%."
