College Basketball Tournament to Allow Players to Cash in on Name, Image, and Likeness: A Shift Toward Financial Rewards in Amateur Athletics

A new college basketball tournament in Las Vegas is set to allow players to cash in on their name, image, and likeness. The tournament will feature eight teams from the NCAA’s top conferences, each receiving $1 million to distribute among players. Participating programs include Alabama, Houston, Notre Dame, Oregon, Rutgers, San Diego State, and Texas A&M.

In a significant departure from the NCAA’s previous stance on amateurism, the organization now allows players to sign sponsorship deals. This shift has led to an increased number of player transfers as players prioritize monetization when deciding where to play. NIL deals for basketball and football players have reportedly reached the millions following this decision.

The participating schools cannot directly pay players for their name, image, and likeness. However, many players have formed collectives to fundraise on their behalf. With these changes in place, it seems that the NCAA is moving away from its previous “collegiate model” of amateurism and towards allowing players to benefit financially from their name, image, and likeness.