WHAT IT MEANS

The House settlement was approved by U.S. Judge Claudia Wilken on June 6, and it brings significant changes to college athletics by addressing three antitrust lawsuits brought against the NCAA.

Under House, the NCAA and major conferences will send $2.78 billion in backpay over the next 10 years to former college athletes who competed between June 2016 and September 2024, but were denied NIL earnings. Think players like Sam Apuzzo, Matt Rambo, Izzy Scane and Pat Spencer.

Schools now can begin directly compensating their student-athletes through revenue sharing, with that compensation pool capped at around $20.5 million in 2025-2026. The pool is set to increase 4 percent annually for the next 10 years. It’s designed to help schools pay student-athletes for revenue they help generate and dissuade the pay-for-play NIL deals through collectives that had become commonplace since 2021.

NIL deals aren’t going away, but there’s a new process designed to legitimize them. Student-athletes must create an account and report every deal valued at more than $600 to the new online platform, NIL Go, set up by accounting firm Deloitte.

Each deal’s “fair market value” will be vetted and any deal not cleared can be modified or canceled, or a student-athlete can request neutral arbitration. Keeping an uncleared deal could affect eligibility.

A new entity, the College Sports Commission, is charged with monitoring and enforcing compliance in revenue sharing, NIL deals and roster limits.

LIMITED ROSTERS, UNLIMITED SCHOLARSHIPS

Roster limits are a key piece of the settlement. Previously, sports had unlimited rosters but limited scholarships. The settlement sets roster limits for each sport with the ability to offer a scholarship to every student-athlete on a team. Women’s lacrosse will be 38; men’s lacrosse 48.

One of the final provisions that held up the settlement gives schools the ability to retain rostered players or incoming 2025-2026 freshmen that would put them over the roster limit over the next four years. Players who would have been cut under the new roster limits had to be identified “in good faith” as Designated Student-Athletes (DSA) by July 6.

The DSA distinction is a one-time opportunity for each school but remains with student-athletes throughout their career, whether they remain at the school or transfer. Transfer DSAs do not count against their new school’s roster limit.

WHO’S IN AND WHO’S OUT

Schools must decide annually to opt in or out of the settlement to trigger the options.

“There’s just so much concern financially with making sure that the athletic departments are healthy and can compete,” Northwestern women’s lacrosse coach Kelly Amonte Hiller said.

Part of the backdrop behind that decision is that all Division I member schools are already losing funds as part of the $2.78 billion backpay to former student-athletes. The NCAA will bear some of the financial burden, but schools will also see a reduction from payouts like March Madness and conference deals.

“As an athletic department, you’ve got your portion of the backpay settlement for 10 years, so you’re losing money that you would normally bring in from the conference,” Saint Joseph’s men’s lacrosse coach Taylor Wray said.

The Ivy League and Patriot League have opted out as conferences. They’ve never had scholarships but do offer generous financial aid packages.

“From an Ivy League standpoint, we feel very comfortable because we haven’t changed and we’ve continued to operate in the same landscape that we always have,” said Dartmouth men’s lacrosse coach Sean Kirwan, adding, “With everything changing, it’s kind of nice to be a group that doesn’t have to change.”

By not opting in, their teams won’t have roster limits and their schools won’t be paying student-athletes. Army and Navy (Patriot League) have always been tuition-free because of their military commitments.

“The Patriot League has had discrepancies. Fully funded, not fully funded and the military academies — we’ve always had that,” Holy Cross women’s lacrosse coach Amanda Belichick said. “That’s one of the things that’s unique about our conference. Maybe what you start to see in other conferences is a little bit more of that.”

We know Clemson is all in. Boston College, Denver, Florida, North Carolina, Penn State and South Florida were schools mentioned by multiple coaches as aggressively increasing their support for women’s lacrosse in the wake of the new rules.

“Carolina is going to be very, very competitive in this new market,” Levy said. “I’m not worried about us, but I worry about the sport. It doesn’t help us if 50 percent of the ACC schools don’t match that commitment.”

“One of the reasons I am at Penn State is that they’re all in and they’re going to fully support the women’s lacrosse program,” said Kayla Treanor, who recently left Syracuse to become the head coach in Happy Valley.

Schools that opt into the settlement can pay their student-athletes out of the $20.5 million pool cap, but they don’t have to. It’s up to them how they share the revenue between their sports.

“It’s great that we can pay the players and that they can make an income on top of their scholarship,” Treanor said. “When NIL first came out for women’s lacrosse, it was really to help them pay for their scholarship because we only had 12. Now that number is increasing for a lot of schools. Now this money can go into the players’ pockets.”

College Football

Ready to talk ball

𝐒𝐄𝐂 𝐌𝐞𝐝𝐢𝐚 𝐃𝐚𝐲𝐬
July 16
Atlanta pic.twitter.com/P6Bvrao2YH

— Oklahoma Football (@OU_Football) July 8, 2025

I ranked the Top 25 college football rivalry nicknames.

History doesn’t matter. Trophies don’t count. Just cool names. Epic eponyms.

17. Red River Shootout
12. Egg Bowl
4. Holy War

Full list: https://t.co/1uE1Af3tIv

— Chris Vannini (@ChrisVannini) July 8, 2025

The big-picture takeaway from a blockbuster recruiting weekend?

College football is speeding faster and faster toward an inevitably NFL-ized future.https://t.co/StO9qu9xkJ

— The Athletic (@TheAthletic) July 8, 2025

College Basketball

How NIL and transfer portal have changed the way college basketball coaches lead https://t.co/HhWHeW5Aem

— The Athletic CBB (@TheAthleticCBB) July 8, 2025

OU Sports & News

Longtime AD Joe Castiglione Announces Future Retirementhttps://t.co/yycuCPEinH

— Oklahoma Sooners (@OU_Athletics) July 8, 2025

Ahead of #Sooners AD Joe Castiglione’s news conference this morning, here’s a look at some of his greatest achievements over the years while leading the department.https://t.co/gw4RviIC2S

— Colton Sulley (@colton_sulley) July 8, 2025

preseason accolades for @ashelton21

| https://t.co/mmijhKftIH pic.twitter.com/WVtuXNxDig

— Oklahoma Volleyball (@OU_Volleyball) July 8, 2025

SARASOTA, Fla. – Lilly Parrish has been named the MVP of the Florida Gulf Coast League the league announced Wednesday morning.
 
The rising sophomore dominated both in the circle and at the plate this summer. She led the league in innings pitched and in strikeouts as a pitcher with 65 innings pitched and 71 strikeouts. With a 9-1 record, she pitched to the tune of a 1.62 ERA.
 
At the plate she hit .326 with a .415 on-base percentage driving in 13 runs and belting two home runs.
 
In a standout game earlier in the summer, Parrish threw a complete game shutout and helped herself out by hitting a walkoff home run to deep left field.
 
The Mechanicsville, Va. native looks to ride this momentum into her second season in Chapel Hill where she hit .500 in eight at bats and threw 40.2 innings as a pitcher earning a 4-1 record and one save as a freshman.
 
Her team, the Manatee Impact opens the playoffs Thursday at 2 p.m. as the four seed against the winner of the 5/12 matchup.
 
Fellow Tar Heel Skylar Young is also in the playoffs with the two seed Aquanauts. They play following the 2 p.m. game against the winner of the 7/10 matchup.
 

Coming off one successful first season with the Texas Tech Red Raiders, NiJaree Canady’s Name, Image, and Likeness (NIL) portfolio is growing.  

Venmo announced in a press release on Tuesday morning that they are launching Big 12-branded debit cards for students, alumni, and fans from participating schools to celebrate their school pride and receive rewards and exclusive access across campus and on game days. 

Three athletes, including Canady, Olivia Miles, and Sam Leavitt, will serve as brand ambassadors throughout the 2025-26 season and they will showcase ways to spend money and earn rewards with the branded Venmo debit cards. 

While promoting Venmo, Canady will receive a portion of her NIL payments into her Venmo account to showcase the smoothness of spending through the Venmo app. 

“I take pride in helping pave the way for the next generation of female athletes,” Canady said in the press release. “This partnership with Venmo will help create real financial empowerment for athletes, and I’m excited to help them break new ground as part of it. I already use Venmo all the time, and now with the Texas Tech Venmo Debit Card, it will be easier than ever to put my NIL earnings to work in ways that matter to me and support Red Raider Nation at the same time.”

This Venmo partnership is in addition to Canady’s several other NIL deals, including Texas Tech’s collective, the Matador Club, promoting softball equipment from Easton and Rawlings, and Patrick Mahomes’ NIL group through Adidas. She is also an ambassador for the future of the game and will speak at the Empowering Girls For Life conference for the second year in a row in August. 

Help us send a HUGE thank you to Tracy Sellers and the @MatadorClubOrg! Hot off the #WCWS, the Matador Club’s sponsorship allows us to giveaway more scholarships, and hear from two incredible speakers – Tracy and @CanadyNijaree! Are you registered yet? https://t.co/jlSGb6uoKi pic.twitter.com/Zqdr1NGE2T

— Empowering Girls for Life (@GirlsPower4Life) June 19, 2025

Canady’s NIL deals have certainly changed the game of softball and have brought loads of attention to Texas Tech. She was the first college softball player to make $1 million and recently signed another seven-figure NIL contract with the Matador Club. 

Big 12’s PayPal and Venmo deal reshapes NIL, sets new standard for athlete payments

FRISCO, Texas — The Big 12 Conference is stepping into uncharted territory in the evolving landscape of name, image and likeness (NIL) with its landmark partnership with PayPal and Venmo — a move Commissioner Brett Yormark says will forever change how college athletes receive revenue-sharing and NIL payments.

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Yormark during Big 12 Media Day described the official partnership with PayPal and Venmo as both a safeguard and a springboard for student-athletes looking to grow their personal brands responsibly in the new era of college sports.

“We’re truly excited. We needed to ensure that when we’re moving money, we do it in the most secure, safe way possible. No one is better than PayPal, Venmo,” Yormark said.

Under this agreement, Big 12 athletes can now receive revenue-sharing and NIL-related payments through PayPal’s hyper wallet system — which Yormark confirmed was already tested by West Virginia this month on July 1st. PayPal’s proven global reach, processing 25% of global e-commerce transactions, made the company a natural choice to handle athlete payments at a time when the NCAA’s financial model is rapidly transforming.

Yormark emphasized that the new age of college athlete compensation must include clear guardrails and strict enforcement.

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“You know, the new age of collegiate athletics is an equalizer,” Yormark said. “It does create a level playing field, in theory. Now it will be all about enforcement, but I think it gives every school, every student-athlete, a chance to dream big, to win championships and do the things they’re built to do.”

For PayPal and Venmo, the NIL partnership highlights the trust student-athletes need when managing new streams of income.

“PayPal has been around for 25-plus years now. We process 25% of the global e-commerce market. That is trillions of dollars,” said PayPal CMO Geoff Seeley. “So if there’s one thing that we know how to do, it’s to make payments happen safely and securely.”

College athletes, like TCU women’s basketball player Olivia Miles, say having secure, easy access to their NIL money impacts everything from everyday purchases to major career decisions. Miles, who recently chose to transfer to a Big 12 program rather than enter the WNBA draft, said NIL was a big reason she stayed.

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“I think it’s just a seamless transaction, whether it’s everyday items or bigger transactions,” Miles said. “NIL provided a lot more financial stability for me, and that’s why I ultimately decided to stay in college and do one more year, just because of the opportunities that it brought.”

Arizona State quarterback Sam Leavitt agreed that the Big 12 NIL partnership with PayPal and Venmo makes it easier for athletes to build their brands while feeling financially secure.

“I mean, it’s changed everything, honestly,” Leavitt said. “Like Olivia said, you’re able to start building who you are, the brand that you build. To support people you know, in a great company and a household name like Venmo and PayPal, to be a part of that is pretty special.”

Still, this new Big 12 NIL revenue-sharing era brings new legal and tax challenges for universities. Schools must ensure contracts, reporting and withholding are done correctly as they navigate third-party settlement organization (TPSO) rules and athlete income tax requirements.

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Yormark said the Big 12 is committed to clear rules and fair enforcement. “It needs to be done appropriately, and under this new model, we’re going to make sure it does,” he said. “We bet on people, not places, and we’ve bet on the right partner here.”

The Big 12’s PayPal and Venmo deal signals the future: NIL payments made easier and safer for student-athletes — and a college sports landscape that may never look the same.

Welcome back to MoneyCall, The Athletic’s weekly sports business cheat sheet. (Want to receive MoneyCall in your email inbox every Wednesday morning? Sign-up is simple and free right here.)

Name-dropped today: Michael Lewis, Felix Ojo, Ben Shelton, Christian Horner, Steph Curry, Sophia Wilson, Joe Burrow, “High School Musical,” Katie Taylor and Amanda Serrano, Mauricio Pochettino, Matthew Berry, John Legend and more. Let’s go:

Driving the Conversation

A fresh twist on Moneyball

This week, as the Big 12 kicks off college football conference media days outside of Dallas, the league finds itself at the center of the college sports universe thanks to Texas Tech, the newest financial superpower.

A month ago, we were talking about TTU’s million-dollar softball ace, NiJaree Canady. This week, it’s the Red Raiders’ multi-million-dollar offensive tackle Felix Ojo. Next, it could even be a commitment from the No. 1 football player in the Class of 2027, LaDamion Guyton.

If Michael Lewis’ original “Moneyball” was about lower-resourced teams capitalizing on market inefficiencies to compete with higher-resourced teams (see: early 2000s A’s vs. the Yankees), “Moneyball 2.0” is an evolution for this new NIL era: What if a mid-tier team — like Texas Tech — simply out-spent everyone else?

It’s not novel, of course. Money has flowed into the hands of college athletes for over a century — but that wasn’t exactly legal until recently. Ohio State’s 2024 title was built on out-spending everyone else — but that mostly was about keeping its own star talent from leaving for the pros or other powers.

Texas Tech is openly leveraging the enthusiasm of billion-dollar boosters — on top of the $20 million revenue-sharing ante now available to every team — into recruiting the talent necessary to compete at the top of the Big 12, earn a College Football Playoff spot and join the ranks of the college “blue bloods.” Call TTU and its nouveau-riche peers “green bloods.”

The ultimate inefficiency of the college football market has always been “willingness to pay without shame.” To the Red Raiders’ credit, they are pushing the boundaries beyond their traditional (or even their previous NIL-era) limits, and — if all it takes is money? — they won’t be the last.

(Remember: The blue bloods have money, too.)

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Get Caught Up

A new American sensation at Wimbledon

Big talkers from the sports business industry:

Speaking of disruptive payouts in college sports: Top 2026 NHL Draft prospect Gavin McKenna officially committed to Penn State hockey last night. (Last verse, same as the first: *All it takes is money…*)

(If you’re curious: Penn State … really? Go back to this definitive feature we ran back in April about the rise of Penn State’s hockey program from nothing to … McKenna.)

It’s the heat: From Club World Cup to the Euros to looking ahead to the World Cup in 2026, the weather is THE story.

Ben Shelton vs. Wimbledon: With the 22-year-old Shelton taking the court this morning (U.S. time) for his Wimbledon quarterfinal against world No. 1 Jannik Sinner, he will be the youngest American man to reach the round since Andy Roddick in ‘04. Is Shelton the most exciting American male athlete right now? How many more rounds would he need to win to claim that title?

Man Utd Amazon doc fizzles: Would you watch a behind-the-scenes documentary about the dysfunction at Man U? The fast “Yes!” is probably why they ducked out of that potentially lucrative opportunity, per my colleagues David Ornstein and Adam Crafton.

Breaking news: “Drive To Survive” star personality Christian Horner is OUT as F1 Red Bull team principal.

Other current obsessions: Stephen Curry returning to the American Century celeb golf event to defend his 2023 championship … the British Grand Prix’s LEGO trophies … Joe Burrow’s unexpected star turn on the new season of Netflix’s “Quarterback” … Sophia Wilson x Stumptown Coffee collab … “The Athletic FC’s” fascinating podcast special about Saudis and soccer …

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What I’m Wondering

Which 21st century sports movies did YOU love most?

Last week, the lead item of MoneyCall featured my list of 10 best (favorite?) sports movies of the 21st century. But I also asked for yours. Got some great responses, and a few notable omissions from my list that earned a place on yours included:

• “Miracle” (Steven G.)
• “Drumline” (Michael P.)
• “Iron Claw” (Rex B.)
• “Talladega Nights” (Michael P.)
• “Boys In The Boat” (Brad J.)
• “Dangal” (Ishan B.)
• “Air” (John F.)
• “Everybody Wants Some!!” (Gus M.)
• “Warrior” (Andrew S.)
• “The Replacements” (Alan A.)
• “Shaolin Soccer” (Kelan F.)

Shout-out to Jaya T., who topped my “‘Whiplash’ is a sports movie” with “‘High School Musical’ is a sports movie trilogy.” Huge thanks to everyone who wrote in!

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Grab Bag

What I’m Watching: Taylor-Serrano III
If Netflix’s success with Mike Tyson vs. Jake Paul last fall is any indication, there is a big appetite for fighting events among its more than 300 million subscribers.

So what happens when, instead of a clown show, it airs the single best rivalry in boxing? We will see Friday night around 11 p.m. ET, when Katie Taylor and Amanda Serrano complete their trilogy after previously putting on two of the best boxing matches of the decade.

(Related: If/when the UFC stages a fight on the White House grounds in 2026, expect an absurd level of attention.)

Data Point: 121,077
That was the 21-71 Rockies’ home attendance vs. the White Sox over July Fourth weekend, via Sportico’s eagle-eyed Jacob Feldman.

That is a TON of paying customers, showing up for an otherwise dreadful team (and matchup!). Why? I asked longtime MoneyCall pal Luke Beatty, a Colorado lifer, entrepreneur, coach and die-hard Denver sports fan:

1) Coors Field is the most popular bar in the state and 2) a huge percentage of the attendees are from out of town, just looking for a nice way to spend an evening on the only MLB in the region.

Branding of the Week: ‘Brawl of the Wild’
Great college football rivalries are taken to another level when they are named in a way that plays up their unique appeal. The annual game between Montana and Montana State gets Chris Vannini’s top spot in his CFB rivalry name rankings, but the whole list is worth reading, because every one of these names is so distinctive.

Investor of the Week: John Legend
Legend was part of a new consortium investing in Matthew Berry’s Fantasy Life fantasy-sports company, alongside other folks including LeBron James and his LRMR partner Maverick Carter, Jason Stein, Roger Ehrenberg and Larry Fitzgerald. Berry has always been one of the most entrepreneurial talents in sports media, and I am so intrigued to see how he grows his company from here. Also, do you think Legend will let me save a spot in his fantasy football league this fall?

Quote of the Week
“I think we need the people. We need the fans. The fans have one year to realize how important are the fans in soccer.” — USMNT coach Mauricio Pochettino, after El Tri’s fans dominated the stadium in Houston in the Gold Cup final.

Beat Dan in Connections: Sports Edition
0:47 (but I needed two extra guesses!)

Try the game here!

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Worth Your Time

Great business-adjacent reads for your downtime or commute:

The fascinating backstory — not to mention politically charged present and inscrutable future — of the NFL’s relationship with Canada, as manifested through the Buffalo Bills’ efforts to bridge the divide.

Two more:

(1) Illuminating dive into how Real Madrid conquered the United States market.

(2) If your teens are like mine, they don’t have a job this summer. I sent them this link to Cooper Flagg’s origin story as a pea-picker in Maine. Get off the couch, kids!

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Back next Wednesday! As for the rest of today, what better way to spend a hot day in July than forwarding MoneyCall to a friend or colleague? And, as always, give a (free!) try to all The Athletic’s other newsletters.

(Photo: Stacy Revere / Getty Images)