NIL
The launch of NIL Go signals a high-stakes evolution in college sports: MoneyCall
Welcome back to MoneyCall, The Athletic’s weekly sports business cheat sheet. (Want to receive it in your email every Wednesday? Easy sign-up here.) Name-dropped today: Bryan Seeley, Carlos Alcaraz and Jannik Sinner, Justin Ishbia, Dick Vitale, Sue Bird, David Zaslav, NiJaree Canady, Heather O’Reilly, Ryan Reynolds and Hugh Jackman, Kara Nortman and more. Let’s go: Driving the Conversation […]

Welcome back to MoneyCall, The Athletic’s weekly sports business cheat sheet. (Want to receive it in your email every Wednesday? Easy sign-up here.)
Name-dropped today: Bryan Seeley, Carlos Alcaraz and Jannik Sinner, Justin Ishbia, Dick Vitale, Sue Bird, David Zaslav, NiJaree Canady, Heather O’Reilly, Ryan Reynolds and Hugh Jackman, Kara Nortman and more. Let’s go:
Driving the Conversation
What does the massive money shift in college sports actually change?
A lot has happened to the business of college sports since last Friday, when the historic House v. NCAA settlement was finalized, so let’s go with a “Previously, on college sports upheaval …” theme:
> As of July 1, each DI school can directly pay its athletes via an annual revenue-sharing pool set at around $20.5M. (A salary cap? Umm, not quite.)
> The settlement includes a new oversight and enforcement organization: The “ College Sports Commission.” The CSC enforces the rev-share “cap” and — much more importantly — is empowered to review any meaningfully sized NIL deals with players. (We’ll come back to this in a sec.)
> Name to know: Bryan Seeley, formerly MLB’s head of investigations, now head of the CSC.
> The big conferences (Big Ten, SEC, Big 12, ACC and even the Pac-12) all agree to abide by the new rules. (Umm, not quite?)
> Congress has a proposed bill to codify a lot of the House settlement (good luck with that).
That brings us to today, when that new review system, called NIL Go, launches. NIL Go is overseen by the CSC and managed by the accounting firm Deloitte.
NIL Go is the most pivotal — and persnickety — element of this entire new universe: Athletes must self-report into the NIL Go system any third-party NIL deal worth $600 or more for review. (As my colleague Stewart Mandel pointed out: “Which, in the major sports, is pretty much all of them.”)
Deals that don’t meet a hazy “fair-market value” criteria will be flagged, rejected or sent to arbitration. (But wait: Isn’t “market value”… what the market is willing to pay?)
One college football team’s personnel director put it bluntly to my colleague Justin Williams:
“If you tell a booster or business owner they can’t give a star player $2 million, there will be lawsuits. There’s no enforcing this. Fair market value? F— Deloitte. This is going to get even crazier.”
Mandel says every legal expert he has talked to thinks NIL Go won’t survive a legal challenge. Williams predicts the return of the old-school college football “bag man.”
Here’s the upshot: The system goes live today, and Seeley, his CSC investigators and Deloitte can try to constrain the (ironically pretty efficient!) competitive forces that have always and will always dominate college sports.
Between revenue sharing and NIL (“Go” or no go), the biggest, most well-funded college programs will be spending $50 million or more — per year — on their programs (and that doesn’t count ever-increasing coach or AD or GM salaries). The only limit is that there are no limits.
Judges can rule. Policies can change. Accounting firms can require a login. But Buddy Booster is going to find a way to get that recruit for their program.
Get Caught Up
Epic tennis rivalry spells viewership boom
Big talkers from the sports business industry:
> French Open’s Alcaraz-Sinner final: Did we all just watch the sports event of the year? It’ll be hard to match. (Five-set tennis FTW, and — as expected — the ratings for that match were as blistering as the shots, topping out at 2.6 million in TNT’s first year at Roland Garros. Not all is rosy for TNT: More on that below …)
> F1 2026 schedule reveal: 24 races (three in the U.S.), a new stop in Madrid and a “grueling” season finale, but the eye-opener was F1 choosing to put the Canadian Grand Prix up against the Indy 500. For all F1’s sizzle, the Indy 500 remains the granddaddy of global auto racing.I defer to my colleague Jeff Gluck’s astute analysis of that conflict: “Why would F1 even consider this?”
More Gluck: “Instead of weighing the optics, F1 never hit the brakes on its quest for motorsports domination and plowed right into a head-to-head battle with one of the most cherished traditions on the international racing calendar.”
> U.S. Open at Oakmont: Follow my colleagues at The Athletic for coverage of golf’s U.S. Open this week, but here is a great story at the intersection of the course’s myth and reality. (One more: The secrets of Oakmont’s distinctive “church pew” bunker.)
> World Cup 2026, one year out: Host cities across the U.S. are “taking a light approach,” per my colleague Asli Pelit, but expect the ramp-up to accelerate this summer. (Loved our team’s predictions on how things will play out over the next 365 days.)
> MLB Anonymous Player Poll results: Our league-wide player polls always yield fascinating results (just ask Tyrese Haliburton). MLB players said they would like to play for Texas’ Bruce Bochy, but there is a reason Colorado’s Bud Black got fired. Most interesting data point: Nearly 80 percent of players said legalized sports betting has changed how fans treat them.
Other current obsessions: Netflix returns to boxing with Alvarez-Crawford … Justin Ishbia eventually buying the White Sox … Dick Vitale staying on ESPN … College football front-office consultants getting the bag … the legendary Sue Bird talking with our “No Offseason” crew … the return of “Drive to Survive” legend Guenther Steiner (to MotoGP) …
What I’m Wondering
What happens to TNT Sports?
“It hasn’t been a real driver for us.”
That’s Warner Bros. Discovery CEO David Zaslav, on live sports programming and rights that will be jettisoned from his oversight upon the WBD split into two parts: the high-growth “Streaming and Studios” company Zaslav will oversee and “Global Networks,” a debt-laden collection of presumptively declining cable assets, including TNT Sports.
Ironically, TNT is in the spotlight this week with sports fans for its exceptional French Open coverage and ongoing Stanley Cup Final broadcasts, along with a recent deal to license more CFP semifinals from ESPN.
I checked in with my colleague Andrew Marchand to wonder: What’s the future for TNT Sports?
“For TNT Sports, it will, in theory, be more nimble and have more optionality. Sports will be the main driver of the new company, whereas previously it was very important, but probably not No. 1. Fans will be able to watch all of its networks on linear TV.
“Where it becomes a bit more interesting is in the streaming game. It could do a deal and be on Max, or it could license its programming out, to say, an ESPN DTC. Or it could do both.
“TNT lost the NBA but has picked up rights, so it is still very much in the game to go along with a portfolio that includes the NCAA Men’s Basketball Tournament, MLB playoffs and the Stanley Cup playoffs, among other properties.”
Grab Bag
Ratings Point: 2.4 million
No women’s college softball game ever has drawn a larger audience than Texas’ title-clinching win over NiJaree Canady and Texas Tech.
Oh, and Canady signed another $1M NIL deal to return to Texas Tech next season (BTW: a deal done in advance of the new NIL Go launch, so not beholden to that system). In some nice timing, the startup AUSL pro league debuted last weekend. Stock way, way up on women’s softball.
Don’t miss: My colleague Lindsay Schnell’s profile of Canady. (Congrats to Schnell on her much-deserved 2025 Billie Jean King Award for excellence in women’s sports coverage, given to her by the Associated Press Sports Editors.)
Related: People watched Fever-Sky (even without Caitlin Clark): The WNBA is showing plenty of data-backed signs that the TV-viewing enthusiasm from last season is still building, and it transcends Clark.
Is it possible nearly 2 million fans tuned in to CBS last Saturday thinking they’d see Clark? Perhaps a few of those did, but the far more likely reason was that they saw one of the league’s great rivalries available on broadcast TV and decided to tune in.
Payout of the Week: $1 million
What U.S. women’s national team alum Heather O’Reilly and her squad of former and current players earned for winning The Soccer Tournament, the winner-take-all 7-on-7 competition, for the second straight year.
($1M is a great purse; on a per-player basis, that’s more than MLS players qualifying for the Club World Cup will make.)
Investors of the Week: Hugh Jackman and Ryan Reynolds
The “Deadpool and Wolverine” buddies went in on the Aussie SailGP franchise, a league powerhouse. “Welcome to Wake Waves,” anyone? (I’ll show myself out.)
Meanwhile: SailGP came to NYC last weekend, and it was a scene.
Runner up: Kylian Mbappe, who invested in a SailGP team of his own (France, naturally).
Branding of the Week: Boston Legacy
You might remember the debacle of a brand launch for “BOS Nation,” Boston’s NWSL expansion franchise. To their credit, the ownership team acknowledged their error, pivoted to the solid “Boston Legacy” and then — lessons learned — deftly executed their “crest” reveal.
ICYMI: Last week, we published an exclusive 1-on-1 with superlative women’s sports investor Kara Nortman, whose Monarch Collective owns a piece of the Boston Legacy (along with two other NWSL teams). Hear from Nortman here.
Save the Date: Aug. 30, 2025
Lee Corso’s “College GameDay” farewell (appropriately when Ohio State hosts Texas, given how many times Corso has donned the “Brutus” headgear to predict an Ohio State W.)
Beat Dan in Connections: Sports Edition
Puzzle #261 — 0:30
Try the game here!
Worth Your Time
Great business-adjacent reads for your downtime or commute:
Finding Jordon Hudson: “Hudson did not respond to an interview request for this story… So in lieu of hearing from her directly, the next best option? Walking — or in this case, driving — hundreds of miles in her shoes.” — Brendan Marks, with the definitive story on one of the most fascinating sports figures of the year, including a random run-in with Bill Belichick.
Two more reads worth your time:
(1) Revisiting Roger Federer’s incredible commencement speech.
(2) I enjoy a sash on a soccer/football shirt (as do many!), so this history of the distinctive style had my attention.
Back next Wednesday! Text your colleagues this link so they can get MoneyCall every Wednesday for free. And check out The Athletic’s other newsletters, too.
(Photo: Steph Chambers / Getty Images)
NIL
Tyler Atkinson announces commitment between Oregon, Texas, Georgia
One of the top-ranked players in the 2026 recruiting cycle came off the board on Tuesday morning, with 5-star linebacker Tyler Atkinson announcing his commitment live on The Pat McAfee Show on ESPN. Unfortunately for Dan Lanning and the Oregon Ducks, it was not the Oregon hat that Atkinson pulled on. Instead, the 5-star LB, […]

One of the top-ranked players in the 2026 recruiting cycle came off the board on Tuesday morning, with 5-star linebacker Tyler Atkinson announcing his commitment live on The Pat McAfee Show on ESPN. Unfortunately for Dan Lanning and the Oregon Ducks, it was not the Oregon hat that Atkinson pulled on.
Instead, the 5-star LB, ranked as the No. 9 overall player and No. 1 LB in the 2026 class, announced that he would be committing to the Texas Longhorns, choosing Steve Sarkisian’s team over both the Ducks and Kirby Smart’s Georgia Bulldogs.
The commitment to Texas comes as a bit of a surprise in the grand scheme of things, seeing as Atkinson is rated as the No. 1 player from the state of Georgia, and pulling a 5-star defender out of the Peach State is nearly impossible. However, there are talks of a massive NIL deal from Texas that neither Georgia nor Oregon was willing to compete with in the end.
For the Ducks, this is a tough loss on the recruiting trail, but not one that will break things. On Wednesday, 4-star linebacker Nick Abrams II will announce his commitment, with Oregon and Georgia as finalists for his pledge. Beyond that, there are several other players on Oregon’s board that the Ducks will look to land when all is said and done.
Contact/Follow @Ducks_Wire on X (formerly Twitter) and like our page on Facebook to follow ongoing coverage of Oregon Ducks news, notes, and opinions.
NIL
Chris Webber on how NIL would’ve changed Fab 5 history
The Michigan basketball program is currently gearing up for what they hope will be a successful 2025-26 season. The Wolverines are coming off of a 2024-25 season in which they made the Sweet 16 under first year head coach Dusty May but saw considerable talent head to the NBA Draft this past June. Wolverine fans […]

The Michigan basketball program is currently gearing up for what they hope will be a successful 2025-26 season. The Wolverines are coming off of a 2024-25 season in which they made the Sweet 16 under first year head coach Dusty May but saw considerable talent head to the NBA Draft this past June.
Wolverine fans likely can’t help but reminisce about the days of the “Fab Five,” led by Chris Webber in the early 1990s. Recently, Webber stopped by ESPN NFL insider Adam Schefter’s podcast and discussed what impact that NIL rules (Name, image, and likeness) may have had on the Fab Five’s success three decades ago.
“If somebody could have paid you now multiple millions of dollars to stay in school…” wondered Schefter.
“To stay with Jalen, Juwan, Ray, and Jimmy? What are you talking about, yes we could’ve extended and we would have gotten an NIL for all of our players. We would’ve had our 12th man with an NIL deal because we loved our teammates that much,” said Webber. “You know, almost like a quarterback giving his offensive linemen go-karts or whatever. Two more years to be able to be kids? Yeah.”
Webber himself was caught up in an incident where he was accused of borrowing money from Michigan booster Ed Martin, something that never would have been an issue now with the current name, image, and likeness rules in place.
Joining Webber as members of the Fab Five were Jalen Rose, Juwan Howard, Jimmy King, and Ray Jackson, who helped lead the team to championship game appearances in both 1992 and 1993.
Unfortunately, those Final Four appearances were vacated due to Webber’s incident with Martin.
Today’s college sports landscape is drastically different, with players routinely inking deals in the millions to allow themselves to benefit off of their name and image, and with the transfer portal now affording players an opportunity to take their talents elsewhere much more easily.
Jackson Stone is a sports journalist for ClutchPoints with expertise in covering the NBA, NFL, and CAA Football. The Mercer University senior from Atlanta is on track to graduate with a BA in communications, and he has bylines at FanSided and USA Today Sports’ Georgia athletics website.
NIL
Men’s Soccer 2025 Schedule Higlighted By 10 Home Contests
Story Links Rock Hill, S.C. – Winthrop head men’s soccer coach Daniel Ridenhour announced a 20-game slate for 2025 that includes three exhibitions. The Eagles will have 10 home contests that consists of two exhibitions and eight regular season matches. Winthrop kicks off its exhibition schedule on Saturday, Aug. […]

Rock Hill, S.C. – Winthrop head men’s soccer coach Daniel Ridenhour announced a 20-game slate for 2025 that includes three exhibitions.
The Eagles will have 10 home contests that consists of two exhibitions and eight regular season matches.
Winthrop kicks off its exhibition schedule on Saturday, Aug. 9 as it travels to Statesboro, Ga. to take on Georgia Southern. The next two exhibitions will be on Eagle Field as the Eagles host Mercer (Aug. 11) and UNC Wilmington (Aug. 16).
The regular season begins with three consecutive home games starting with Coastal Carolina on Aug. 21 followed by Campbell (Aug. 24) and Georgia State (Aug. 30). The remainder of the non-conference home slate includes Wofford (Sept. 13) and College of Charleston (Oct. 14).
The non-conference road schedule begins Sept. 5 with a trip to Queens followed by a trip down to Columbia, S.C. to take on South Carolina on Sept. 9. The remaining non-conference road games are ETSU (Oct. 8), Virginia Tech (Oct. 22) and Furman (Oct. 28).
Eagles begin Big South action on the road at Gardner-Webb on Sept. 20. Winthrop will also travel to Presbyterian College (Oct. 11), Longwood (Oct. 17) and High Point (Nov. 1) in league play.
The conference home opener is Sept. 27 against USC Upstate. The Eagles will also host Radford (Oct. 4) and UNC Asheville (Oct. 25).
The Big South Conference Championship will be Nov. 5-15 with the Top 6 teams of the regular season standings qualifying for the tournament. The quarterfinals, semifinals and championship game will all be played on the home field of the higher seed.
For the 2025 season, all home games at Eagle Field will be free admission.
Watch The Eagles Live
Select home and away Big South matches will air live through the Big South Network on ESPN+. To watch live on ESPN+ you must be a subscriber. For more information on how to subscribe, click here. Select non-conference games on the road will be available to watch on various platforms. Links will be made available on the women’s soccer schedule (when made available) on winthropeagles.com.
Follow The Eagles On Social
To keep up with the latest news on the Winthrop men’s soccer program follow the Eagles on X (@Winthropsoccer), Instagram (@WinthropSoccer) and Facebook (/WinthropUniversitySoccer)
NIL
Michigan football listed as top NIL spender
The Michigan Wolverines established themselves as one of the premiere NIL spenders when they reportedly signed quarterback Bryce Underwood to a $10.5 million deal last November to get him to flip his commitment from LSU to Michigan. Now, they are being recognized for their deep pockets. According to a survey conducted by Pete Nakos of On3, […]

The Michigan Wolverines established themselves as one of the premiere NIL spenders when they reportedly signed quarterback Bryce Underwood to a $10.5 million deal last November to get him to flip his commitment from LSU to Michigan.
Now, they are being recognized for their deep pockets. According to a survey conducted by Pete Nakos of On3, the Wolverines are one of the top ten NIL spenders in the country. On the list, Michigan was tied for 7th with USC.
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The Wolverines and Trojans come in just ahead of noted SEC spenders Tennessee and Auburn. The list is led by Texas, Texas Tech, Ohio State, Oregon, Texas A&M, and Miami.
Regarding the Wolverines’ spending, Nakos wrote:
“Michigan’s highest-paid player on this year’s roster is well documented. The Wolverines flipped On3’s No. 1 overall recruit from LSU in November. The quarterback inked a multi-year deal that is expected to pay out over $12 million in his career at Michigan. The Wolverines are another program that is expected to cross the $20 million threshold in 2025.”
With this type of spending, the Wolverines are able to keep themselves on the same playing field for top-end recruits and transfers. Coach Sherrone Moore can use this expanded budget to seek out more players like Bryce Underwood and Alabama transfer running back Justice Haynes.
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The Wolverines finished with the 6th-best 2025 recruiting class, according to 247Sports. It is safe to assume the extra funds played a role in Michigan achieving that ranking by being able to offer competitive payouts to top recruits.
NIL
Duke legend drops fiery praise on Mikel Brown Jr. as Louisville hype hits full blast
Mikel Brown Jr. has gone viral this offseason after his performance in the 2025 FIBA U19 World Cup. Brown secured his second gold medal for Team USA and was a crucial piece in the United States’ gold medal run. The 5-star point guard averaged 14.9 points, 6.1 assists, and 2.1 rebounds per game while shooting […]

Mikel Brown Jr. has gone viral this offseason after his performance in the 2025 FIBA U19 World Cup. Brown secured his second gold medal for Team USA and was a crucial piece in the United States’ gold medal run.
The 5-star point guard averaged 14.9 points, 6.1 assists, and 2.1 rebounds per game while shooting 46.7 percent from the field and 47.6 percent from beyond the arc. He led Team USA in points, assists, efficiency, and made 3-pointers, and was blatantly snubbed for the MVP award.
A former Duke star and NBA first-round pick went on air and stated Brown was snubbed, but went even further to say Louisville basketball’s incoming freshman has a chance to be the best player in college basketball next season and a future NBA All-Star.
Related: Mikel Brown Jr. brings Louisville exactly what they’ve craved since Donovan Mitchell
Louisville basketball’s Mikel Brown Jr. earns Duke legend’s fiery praise
Brown is emerging as everyone’s favorite point guard in college basketball, and the whole nation has been drooling over him for months now. The 5-star guard is ranked as high as No. 6 in the country and the No. 1 point guard in the 2025 cycle.
Entering the 2025-26 season, it is no surprise that Louisville fans are excited to see the elite point guard play. However, now the whole nation is counting down the days to see Brown in action, as he truly is fun to watch.
Former Duke legend and No. 10 overall pick in the 2012 NBA Draft, Austin Rivers, went on his podcast and gave Brown the biggest praise yet, and hearing it come from a former top 10 pick and a Duke All-American like Rivers has Louisville fans smiling from ear to ear.
“Mikel has talent, bro, like, he shoots the ball like three or four feet behind the line. I’m talking about NBA range now. You don’t see that in high school. His athletic ability has just skyrocketed over the past couple of years. He used to not have that, and now he can go to the lane and punch on you.”
It is no secret that Brown is going to make an immediate impact, but what separates him from other 5-stars is his 3-point shooting, as Rivers stated. When watching his film with Team USA, he was splashing 3-pointers from well beyond the arc, and was able to do it with hands in his face. He won the McDonald’s All-American 3-point contest and shattered the previous record.
The only negative thing people had to say about Brown was his size, and well, they simply can’t anymore.
“He also had a growth spurt,” Rivers stated on Brown. “He went from being this undersized point guard, he is like 6-foot-4 now. He has a size 14 shoe, man, I think the kid might have another inch or two to grow. He can shoot the (expletive) out of the ball, and he has feel, he can pass, this guy has vision, you can’t teach these things. He went to USA, he was the best player there. They gave AJ the MVP. Everybody who knows, who was there, knows Mikel played better than everybody, and was the best player on that team.”
Austin Rivers 🤝 Mikel Brown Jr
High praise for Louisville’s PG 🙌🔥
(🎥: offguardpod) pic.twitter.com/V45KMqRCRO
— Floyd Street Media (@FloydStMedia) July 13, 2025
The praise doesn’t just stop there. The former Duke Blue Devil went so far as to say Brown has the chance to be the best college basketball player and an NBA All-Star.
“I truly believe going to a program like Louisville, it is his show. They are going to give him the ball and be like, ‘We are going as far as you take us.’ And he is going to run the show there, man. Mikel Brown has the chance to be the best player out of college next year, and I think he has a chance to be a perennial NBA All-Star. I think he has the chance to be one of the most successful, decorated players in Orlando history.”
Rivers knows what it takes to be successful at the collegiate and pro-level. The Duke legend was a McDonald’s All-American who went on to win ACC Rookie of the Year, earn First-Team All-ACC honors, and be a top-10 pick in the 2012 NBA Draft.
He played 11 seasons in the NBA, with his best season coming in 2017-18, when he averaged 15.1 points, 4.0 assists, 2.4 rebounds while shooting 42 percent from the field and 37 percent from beyond the arc.
Brown’s praise from the former Duke star and NBA vet proves the Cardinals’ 5-star phenom is poised for not only a breakout season but a historic one. As Rivers said, Louisville will go as far as Brown takes them, and after watching his gold medal run, the Louisville fans are hoping for a similar result.
Related: Duke expert just admitted Louisville’s 5-star phenom is a walking nightmare
For all the latest on Louisville basketball’s offseason and recruiting, stay tuned.
NIL
Back to school? Back to the draft? Shemar Stewart could exploit loophole in chaotic rulebook to burn Bengals
When it comes to rookie contracts in the NFL, there isn’t usually too much negotiation involved. Thanks to the collective bargaining agreement from 2011, every draft contract is essentially slotted due to the rookie wage scale, which means each player knows how much they’re going to make as soon as they get drafted. What this […]

When it comes to rookie contracts in the NFL, there isn’t usually too much negotiation involved. Thanks to the collective bargaining agreement from 2011, every draft contract is essentially slotted due to the rookie wage scale, which means each player knows how much they’re going to make as soon as they get drafted.
What this means is that negotiating a rookie contract shouldn’t be that difficult, well, unless you’re the Cincinnati Bengals. The Bengals seem to invent new ways to frustrate their fans (and players) every year, and that’s once again happening this year.
The team’s first-round draft pick, Texas A&M pass rusher Shemar Stewart, showed up at OTAs, but he didn’t participate in a single workout this spring because he still hasn’t signed his contract. He also showed up for the first two days of minicamp during a whirlwind 48 hours where he watched practice before abruptly leaving prior to Thursday’s final session of camp. He didn’t do any on-field activity during those 48 hours, but he did make time to complain about Cincinnat’s front office, which seems to be a theme for Bengals players this offseason.
Bengals contract drama: Cincinnati may be a title contender, but money issues keep distracting franchise
Cody Benjamin

We know this isn’t about the money. Both sides know that Stewart will be signing a four-year, $18.94 million rookie contract that’s fully guaranteed. The 17th overall pick in the 2025 NFL Draft was complaining because the Bengals threw a curveball in their contract negotiations with him by adding new language to his deal that the Bengals didn’t use with their past two first-round picks. The team essentially wants to add a default clause, according to former NFL team executive Andrew Brandt. This would allow the Bengals to void future guarantees if he were to get into trouble (this could be a suspension for on-field conduct, off-field conduct, an arrest or anything else the Bengals can think of). Normally, a first-round pick gets a fully guaranteed four-year contract, but this would give the Bengals some wiggle room to potentially get out of that if he were to get into trouble at any point during his four-year deal.
Stewart is adamantly against the language being in his contract.
“I’m 100 percent right,” Stewart said about his stance.”I’m not asking for nothing you all have never done before, but in you all case, you all just want to win an argument instead of winning more games.”
This has created arguably the most acrimonious standoff between a rookie and his team since Joey Bosa held out of Chargers’ training camp for 31 days in 2016, which is the longest holdout by any rookie since the 2011 CBA was implemented.
The Bengals are playing hardball with Stewart, and in the past, that has usually worked for them, but this time around, Stewart does have at least one bit of leverage that rookies in the past didn’t have: Money.
- Stewart’s leverage. For most of NFL history, rookies were generally broke when they entered the league, so many of them would quickly sign their first contract so they could get the signing bonus in their pocket. That’s not the case with Stewart, though. The former Texas A&M star collected plenty of NIL money in college, so he definitely isn’t broke, which means he can afford to wait things out until he can get the Bengals to cave, if that’s what he wants to do.
If the Bengals aren’t willing to change the language in the contract, that next question becomes: How far would Stewart be willing to go to get what he wants?
He was asked that question this week and he said “it depends.”
Stewart is the prototype of the money and player empowerment era that’s swept up college football recruiting and college football and has now fully arrived at the NFL. He was a high-profile recruit by the time he was a high school sophomore in Florida, debuting as the No. 1 overall prospect in the class of 2022 in the early rankings (he finished ranked No. 9 overall). He’s comfortable in the spotlight. He’s comfortable talking money — a player of his ilk in college football would have commanded at least $1 million the last few transfer portal cycles, and you can bet Texas A&M’s NIL collectives spent a pretty penny to keep Stewart in the system after its infamous, best-class-money-can-buy 2022 recruiting class fell apart.
Stewart can hold a grudge, too. There’s a famous card room story about Stewart from his days as a recruit.
Stewart was a heavy LSU lean and made Baton Rouge his first stop on his official visit circuit. LSU’s operations staff misspelled Stewart’s name on one of the many handouts and greeting pamphlets recruits receive. LSU was never a factor for Stewart after that.
Stewart signed with Texas A&M in somewhat of a Signing Day stunner after hometown Miami made a big push. Texas A&M is believed to have paid more. Stewart’s people, I’ve heard this week, are driven by the principle that they want what they think they deserve and they will not compromise if they don’t get it.
Stewart has several options and he could quickly turn into the Bengals’ (and NFL’s) worst nightmare if he decides to go with a nuclear option of re-entering the draft next year, a process that is outlined in article 6 of the CBA.
Here’s a look at two of his options he would have if he doesn’t want to sign with the Bengals:
- He could re-enter the NFL Draft. If Stewart doesn’t sign his contract and he doesn’t play football at all in 2025, he could re-enter the NFL Draft in 2026. If he went this route, it means that any team could draft him next year, except for the Bengals. If a player were to successfully pull off a power move like this, it could throw a wrench into the future of the draft. It would set up potential situations where a player could sit out if he got drafted by a team he didn’t want to play for. Stewart would essentially have until November to make a decision on this. He’s allowed to sign his rookie contract until the Tuesday following Week 10. If he doesn’t sign it by that date, then he’s not allowed to play in 2025. There’s another upside to this strategy: If Stewart went undrafted in 2026 — maybe his situation with the Bengals scares other teams away — then he would become an undrafted free agent following the 2026 draft and he’d be free to sign with any team.
- He could ask for a trade. If the Bengals won’t give him the contract language he wants, maybe someone else will. There is a unique deadline in place for any team that wants to trade a rookie: A deal has to be made at least 30 days before the start of the regular season, so a decision would have to be made here by Aug. 5 or Aug. 8 (The CBA isn’t clear if it’s 30 days before the start of the first game of the regular season or 30 days before the Bengals’ first game of the season). The Bengals don’t like being bullied, so this scenario would probably be unlikely, but it would be an option.
Those are the two most practical options, but there’s also a wild card option: Stewart could try to return to Texas A&M for his senior year.
During Monday’s episode of the Cover 3 podcast, CBS Sports college analyst Bud Elliott noted that Stewart has actually been working out at Texas A&M this summer.
“A guy who has had some good A&M stuff in the past, he hit me, he’s like, ‘Hey, Shemar might end up back here,'” Elliott said.
Elliott then said his source had a few more nuggets.
“‘He’s been at College Station, he’s been fully involved in workouts, He’s holding out from the Bengals, (the) relationship is toxic. He could try to come back and play again this season and go into the draft again next year.'”
The NCAA has rules against a player returning to college once they’ve been drafted, so he would likely be facing a legal battle if he went this route, but it could be something that he’s considering. And as Elliott noted, it seems that everything with the NCAA is subject to litigation right now, so Stewart could certainly come out victorious if he decided to go to court.
Stewart could also head to the CFL to stay in football shape, but he likely wouldn’t go that route, because if he signs with another professional football league, that would give his NFL rights to the Bengals for the next three years.
The most likely scenario is that the two sides agree to a deal, but as the Bosa situation proved, these things can drag on. When the Bengals are dug in on something, they don’t usually budge, so it will be interesting to see who wins this multi-million dollar game of chicken.
The Bengals have had a history of slow starts under Zac Taylor and part of that has had to do with contentious contract negotiations. Ja’Marr Chase sat out of training camp last year due to unhappiness with his contract and the Bengals offense looked out of sync to start the season.
Even Joe Burrow seems to be getting tired of the distractions. The QB was asked if Trey Hendrickson’s absence was a distraction and he answered with two words: “Of course.”
“Last year, we had two. This year, we have one,” Burrow said of the holdouts the Bengals have dealt with. “So we do have less. You’d love to have none, but that’s life in the NFL.”
If you’re scoring at home, that means the Bengals sack leader from 2024 (Hendrickson) and the pass rusher who’s supposed to complement him on the defense (Stewart) are both sitting out.
The Bengals had one of the worst defenses in the NFL last season, and now, there’s a chance that Stewart and Hendrickson could both possibly sit out training camp, which certainly won’t make the unit better. It’s another frustrating offseason for Bengals fans, who are probably used to it at this point.
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