The recent rule change that allows college athletes to earn money through their name, image, and likeness has paved the way for a new college basketball tournament. CBS Sports reported that Las Vegas will host an eight-team Thanksgiving weekend tournament featuring programs from the NCAA’s top conferences. Each program will receive $1 million to distribute among players. Participating teams include Alabama, Houston, Notre Dame, Oregon, Rutgers, San Diego State, and Texas A&M.
To cash in on this opportunity, players in the tournament will need to engage in some off-court activities to earn sponsorship money. The organizers of the Players Era Festival have assured universities that the event will follow NCAA rules. While schools cannot directly pay players for their name, image, and likeness, many have formed collectives to raise funds for their players.
The NCAA’s decision to allow players to transfer once without sitting out a season has also led to an increasing number of player transfers. The rise in NIL deals for basketball and football players has reportedly reached into the millions, with players now often considering monetization when deciding where to play. The NCAA’s shift in allowing sponsorship deals marked a significant change for the organization, which had previously adhered to a strict amateurism model.