Garnet Trust will utilize On3’s NIL Valuation to assist in establishing NIL deal rates and inmaintaining compliance with NCAA standards regarding third party NIL involvement, it was announced on Friday.
The NCAA’s “Interim Name, Image, and Likeness Policy Guidance Regarding Third Party Involvement” sent to member institutions in May stated:
“NIL agreements must be based on an independent, case by case analysis of the value that an athlete brings to an NIL agreement as opposed to providing compensation or incentives for enrollment decisions…athletic performance…achievement…or membership on a team.”
The On3 NIL Valuation sets the standard market NIL value for athletes using a proprietary algorithm based on multiple key data points.
“Compliance with state law, university policy, and NCAA guidance has been of the utmost importance to us,” said Brian Shoemaker, founder of Garnet Trust. “While there are many factors involved in negotiating a NIL contract, On3’s data will be a valuable tool for our organization as well as athletes in navigating those processes.”
One example of how the On3 NIL Valuation may be employed by Garnet Trust is by setting a market rate for social media campaigns for athletes.
“Per Post Value is determined by several key factors and is heavily influenced by the athlete’s overall NIL Valuation,” On3 says. “Per Post Value was developed to apply a baseline for a single social marketing post for each respective social media platform.”
As a reference, South Carolina football quarterback Spencer Rattler’s Per Post value per On3’s NIL Valuation is $11,300. Rattler signed a long-term NIL endorsement contract with Garnet Trust back in January.
Garnet Trust was launched in November 2021 with one mission in mind: to connect South Carolina fans with their favorite athletes like never before. Through Garnet Trust’s usage of legal and compliant name, image, and likeness deals, fans gain access to unique experiences while athletes in Columbia are able to capitalize on the NIL era in ways that actually build their brands. Deals have included content offerings, social media promotions, in-person and virtual events, and charitable causes.
Garnet Trust also bridges the gap between brands and Carolina athletes, using industry media knowledge to unlock highly-engaged audiences for the businesses while allowing athletes to make the most of NIL opportunities.
