By Weston Blasi

The Heisman Trophy award may not come with a cash prize, but these finalists have already scored millions through their name, image and likeness deals

Fernando Mendoza of the Indiana Hoosiers celebrates after defeating the Ohio State Buckeyes in the Big Ten Championship Game on Dec. 6.

It pays to be the Heisman.

The final voting for the 2025 Heisman Trophy will take place on Saturday, as the top players in college football compete for the game’s highest individual honor.

The Heisman Trophy, given to the most outstanding player in college football, doesn’t come with any cash prizes – just prestige. But while the Heisman finalists may not be paid for winning, they’re still among the highest earners in college sports when it comes to name, image and likeness (NIL) deals.

College athletes have been allowed to leverage their influence and make money from NIL deals since 2021, after decades of having to avoid any form of payment that could compromise their amateur status and NCAA eligibility. Now, many of the top student-athletes earn millions of dollars each year from NIL arrangements.

The four finalists for the Heisman this year are Fernando Mendoza, Diego Pavia, Julian Sayin and Jeremiyah Love.

Here’s at look at what the 2025 Heisman finalists are estimated to have made from NIL deals this year, according to On3’s deal tracker.

Fernando Mendoza, QB, $2.6 million

Fernando Mendoza of the Indiana Hoosiers runs the ball in a game against the Oregon Ducks.

Indiana University quarterback Fernando Mendoza was not a highly rated Heisman contender headed into the season – but Mendoza had a great 2025 campaign, leading Indiana to its first Big Ten conference title since 1967, a 13-0 record and the No. 1 seed in the College Football Playoff.

Mendoza won a separate Associated Press player of the year award, and is the betting favorite to win Heisman, according to DraftKings (DKNG) odds.

Mendoza has an NIL deal with sports-apparel giant Adidas (XE:ADS) (ADDYY).

“At the beginning of the year, I saw the list of the top 10 Heisman contenders, and evidently [my name] wasn’t there,” he said about the award.

But that didn’t discourage Mendoza. “I was like, ‘Wow, I want to make a goal for myself.’ I prayed about, like, if I could make it to the ceremony, how cool that would be,” he said. “Now that it’s come to fruition, I’m able to share that moment with people who appreciate it. It’s such a cool moment.”

Related: A $100 million NFL contract isn’t enough money to last a lifetime, says former football star Odell Beckham Jr.

Diego Pavia, QB, $2.5 million

Quarterback Diego Pavia on the Vanderbilt Commodores celebrates after defeating the Auburn Tigers.

Vanderbilt University quarterback Diego Pavia threw 27 touchdowns this season, leading his team to the eighth-best scoring offense in the country.

Pavia, who has the second-best odds to win the Heisman, behind Mendoza, is expected to declare for April’s NFL draft.

Pavia has NIL deals with AutoPro, Raising Cane’s and the NIL Store.

He also recently joked on “The Pivot Podcast” that he would donate his 2025 NIL money if one of the lower-ranked teams like Tulane or James Madison won the College Football Playoff this year.

Julian Sayin, QB, $2.5 million

Quarterback Julian Sayin of the Ohio State Buckeyes enters Ohio Stadium prior to a game against the Minnesota Golden Gophers.

Ohio State University quarterback Julian Saying led his team to yet another College Football Playoff bid this year, in addition to his Heisman-hopeful season. It’s the fifth time in the last eight years that an Ohio State signal-caller has been a Heisman finalist.

Sayin threw 31 touchdown passes this season, which was third in the nation. He has NIL deals with The Foundation (Ohio State’s collective), Panini and EA Sports (EA).

Related: Why Michigan’s Sherrone Moore probably won’t get paid the millions left on his contract – unlike other recently fired college football coaches

Jeremiyah Love, RB, $1.6 million

Jeremiyah Love of the Notre Dame Fighting Irish celebrates after a touchdown.

University of Notre Dame running back Jeremiyah Love is the only non-quarterback among this year’s Hesiman finalists.

Love was fourth in the nation with 1,372 rushing yards, and led Notre Dame to a 10-2 record. Unfortunately for the Fighting Irish, they narrowly missed out on the College Football Playoff.

Love has NIL deals with Samsung (KR:005930), Celsius (CELH) and New Balance.

The 2025 Heisman winner will be announced at 7 p.m. Eastern time on Saturday, Dec. 13, on ABC.

From the archives: The number of millionaire college athletes has tripled

-Weston Blasi

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US President Donald Trump’s dislike for the NIL system in college sports may end up bringing a major reform as he reportedly looks pursue federal measures to address NIL issues or regulate the system more strictly.

During his appearance honoring the 1980 U.S. Olympic hockey team at the White House, Trump said the current NIL system is “a disaster for college sports.” He added that it will highly impair the US’s ability to compete at the Olympics, as several universities are looking to shut down programs because they don’t result in good revenue, as football and men’s basketball do.

“I think the NIL is a disaster for sports. It’s horrible for the Olympics, and I think it’s actually horrible for the players,” Trump said. “Those sports don’t exist because they’re putting all their money into football, and by the way, they’re putting too much money into football.”

This is a result of the House v. NCAA settlement that allows universities to pay up to $20.5 million per year to their athletes. Because of this, the universities are largely using this sum to attract top talent in football and basketball through NIL money, resulting in the elimination of non-generating revenue sports.

“You can’t pay a quarterback $14 million to come out of high school. They don’t even know if he’s going to be a very good player,” Trump said. “Colleges cannot afford to pay the kind of salaries you’re hearing out there.”

In order to keep these NIL dealings in check or maybe even put a stop at it, Trump indicated a possible interference of the federal government.

“You’re going to have these colleges wipe themselves out. And something ought to be done and I’m willing to put the federal government behind it,” Trump said.

Donald Trump Fears the Worst For College Sports If NIL System Continues

Given the spike in NIL payments, US President Donald Trump thinks that this could wipe out some of the top programs in the country if nothing is done to control, regulate or eliminate.

“But if it’s not done fast, you’re going to wipe out colleges. They’re going to get wiped out, including ones that do well in football,” Trump said. “Colleges cannot afford to play this game, and it’s a very bad thing that’s happening.”

Overall, Trump thinks that this NIL payments are not for the betterment of the sports and are instead dragging the entire college sports ecosystem into the toilet.

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One of college football’s most accomplished young head coaches is now among the candidates being considered by a fledgling NFL franchise for its coaching vacancy.

Notre Dame head coach Marcus Freeman has emerged as a candidate for the open position with the New York Giants, according to The Athletic’s Diana Russini.

Interest in Marcus Freeman is rising

New York isn’t the only place that could be taking a close look at Freeman, as the Tennessee Titans may also become interested in him, according to the report.

Freeman, who will turn 40 next month, signed a contract extension with Notre Dame last year that will lock him in with the school through the 2030 season, but if this carousel has proven anything, it’s that almost any contract can be gotten out of.

Notre Dame is a private school and is not obligated to publish its coaching salaries, but insiders contend his deal pays him $9 million per season and is worth a total of a reported $54 million.

But that raise is already somewhat out of date after Indiana recently inked Curt Cignetti to a new deal that will pay him $11.7 million per season.

Notre Dame knows Freeman is getting that interest

“Everybody has eyes on Marcus,” Notre Dame athletic director Pete Bevacqua said.

“College has eyes on Marcus. NFL has eyes on Marcus. I bet Hollywood has eyes on Marcus. I wouldn’t be surprised if he’s in the next Leo DiCaprio movie with Martin Scorsese.

“Marcus is Marcus. All the credit to him. He deserves it. He’s the absolute best coach in the country for Notre Dame, full stop. One of the greatest college coaches in the country.

“And people forget how young he is, so I get it. That’s a compliment to him and his success and the way he represents himself and the way he prepares and who he is and how he talks.”

What Freeman has done at Notre Dame

Freeman has just completed his fourth season at the helm of the Fighting Irish program and boasts a 43-12 overall record, winning more than 78 percent of his games.

Freeman led Notre Dame to a No. 2 national ranking and an appearance in the national championship game against his alma mater a year ago.

His team went 10-2 this season and seemed poised for another berth in the College Football Playoff, before the committee reversed course on Selection Day and left the Irish out of the field, leading the school to decline playing in a bowl game. 

Notre Dame won’t let him go

Cognizant of the talk around his head man, Bevacqua is not willing to watch from the sidelines if his successful football coach is going to be courted by opportunities in the NFL, or anywhere.

“I would never say we wouldn’t match anything when it comes to Marcus,” Bevacqua said recently.

“I make sure that he knows that he will be where he deserves to be, and that is at the top, top, top tier of college football coaches when it comes to compensation every year.

“I view his contract, although a multiyear contract, as a living, breathing document that we will revise every year as need be to make sure he’s where he deserves to be. He knows he has that commitment from me and more importantly from the university.”

(Athletic)

Read more from College Football HQ

Nike announces a new NIL venture, and it has chosen LSU as the first school to partner with.

Nike, along with other equipment manufacturers, have been partnering with university athletic departments for decades. But Nike’s Blue Ribbon Elite NIL program is the first to partner with the athletes themselves.

Zach Greenwell, LSU’s deputy athletic director for external affairs, said Nike is partnering with ten athletes on a very extensive campaign to promote Nike products.

“They brought in a very large-scale production company from out of town to work with those athletes, and it was 15-hour days with our athletes doing individual shoots,” Greenwell said. “They did a big group shot, which was a big part of our roll-out.”

Among the LSU student-athletes joining Nike’s growing roster of elite NIL athletes are: Kailin Chio, Gymnastics, Derek Curiel, Baseball, Tori Edwards, Softball, Casan Evans, Baseball, Trey’Dez Green, Football, Jayden Heavener, Softball, ZaKiyah Johnson, Basketball, DJ Pickett, Football, Jurnee Robinson, Volleyball and Dedan Thomas Jr., Basketball. Greenwell said Nike is working with them on product that they like, and they’re promoting products on the Nike store that’s specific to them and their respective sports.

“It’s a big thing for Nike to work with this demographic whether it be college kids, teenagers, so they’re going to work with all of those ten athletes across seven sports to tap into that demographic and they think LSU is a great place to start,” Greenwell said.

Greenwell said it’s a tremendous honor for LSU to be the first school that Nike selected for its new Blue Ribbon Elite NIL program.

“I think we’re the envy of a lot of people around the country to be able to launch this program with them (Nike) and we know they’ll work with other teams as they go, but our first immediate thoughts are, ‘How can we grow this? How can we take this to the next level?’” Greenwell said.

Along with the Blue Ribbon Elite NIL program, LSU Athletics and Nike have announced an extension to their five-decade long partnership through 2036.

WASHINGTON STATE President Betsy Cantwell took to social media Friday evening to deliver as clear a picture as you’ll hear as to why support for NIL is critical not just to the success of Cougar football but to the entire athletic department and the broader university.

Just hours after WSU announced Kirby Moore as the new head coach of the Washington State football team with what is believed to be a five-year contract, Cantwell videotaped a two-minute message asking WSU alums and fans to help push NIL funding to new heights through the CAF’s tax-deductible coaches excellence funds. 

“By now, you know we’ve announced a phenomenal new football coach,” she said. “He’s ready to lead us into winning in the new Pac-12 Conference. What will get us there and show the world that we are deadly serious about winning will be our willingness to give this coach the tools to win. And for us, that means building $5 million in new NIL support immediately to compete — a fund that acknowledges the modern world and says, we are ready. We are in it.

“We all know that NIL isn’t an option. It’s an essential tool today,” she added. “Whether we love it or not, it’s part of the game. But NIL isn’t just about keeping up. It’s about giving our Cougs every chance to excel on the field, in the classroom, and in life beyond sports. Your investment in NIL through the Cougar Athletic Fund helps us recruit, retain, and elevate our WSU student-athletes.”

Last month Cantwell told Cougfan.com that WSU Athletics needs to raise an additional $20 million per year for revenue sharing and NIL to compete at the highest levels of the new Pac-12, which kicks off in 2026.

Related: New Cougar coach Kirby Moore’s background remarkably similar to legendary Mike Price’s

“Athletics is the front porch of our university,” Cantwell noted in her Friday video. “It’s the place that draws people to us. That means that winning football leads to healthy sports across the spectrum, leads to higher enrollment, leads to a healthier WSU.

“So strong Cougar teams lift the entire WSU family. We boost pride, we boost enrollment, we boost national visibility. This is the moment for Cougs everywhere. Let’s hit $5 million together. Let’s set our new coach and our student -athletes up for success. Go to the Cougar Athletic Fund website and choose NIL. Do it now.”

You can watch her full commentary in the Twitter post embedded at the bottom of this story.

CANTWELL’S COMMENTS echoed remarks earlier in the day by former WSU and Seattle Seahawks standout Robbie Tobeck when he was asked for his reaction to Moore’s hiring.

“In this day and age, I don’t care how good your coach is, you need the resources to compete and win,” Tobeck said. “It’s imperative the university, regents and alums back up this program and give Kirby a chance to excel. If you want to boost enrollment, field a good football team. It’s time to step up to the plate and invest in winning.

“I’m talking about dominating the new conference and going to the playoffs. We have an opportunity at WSU if we invest. We should be the bell cow of this new conference and we need to come out of the gate quickly.”

Related: Instant reaction from WSU luminaries to Kirby Moore’s hiring at WSU

INSUFFICIENT NIL SUPPORT was a growing frustration for former WSU coach Jimmy Rogers and his staff. While WSU has kept the numbers tight, Rogers apparently shared them with his new athletic director at Iowa State, Jamie Pollard, who somehow felt at liberty this week to disclose that Rogers told him WSU had a $2.5 million NIL budget in 2025. That number is believed to be the combined total of WSU’s revenue sharing program and the fundraising efforts of the independent NIL organization Cougar Collective. 

At the CougsFirst! Show in Spokane last month, Cantwell told WSU partisans that “we’re at the bottom of every team coming into the Pac for football in NIL. We’re at the bottom. We cannot stay there and compete and win.”

She added, “We must be winners, we must, in football, within four years (sit atop the Pac-12) because that is the time that every single media rights contract across all of college football, every conference, is up for grabs again,” she said.

Cougar Nation, the time is now! Success starts with $5M in NIL support to recruit, retain, and elevate student-athletes—setting the stage for a winning future in the Pac-12. #GoCougs

Support: https://t.co/nJgxBwVXgr pic.twitter.com/6s3Apt3DsX

— WSU Office of the President (@WSU_Cougar_Pres) December 13, 2025

Also from CF.C: Why the ‘front porch’ of WSU, athletics, is more important than ever

After Michigan terminated head coach Sherrone Moore “for cause,” the program now faces immediate roster and reputation questions, most pressingly the status of true-freshman quarterback Bryce Underwood.

Underwood, the class of 2025 No. 1 recruit, committed to Michigan in December 2024 with an NIL package reportedly valued at around $3 million, among the largest in college football, helping swing national recruiting attention to Ann Arbor.

Moore’s firing followed an internal investigation that the athletic department said found “credible evidence” of an inappropriate relationship; Michigan named associate head coach Biff Poggi interim head coach for the Wolverines’ Dec. 31 Cheez-It Citrus Bowl.

On CBS Sports HQ, Chris Hummer suggested that Moore’s dismissal creates an opening to “reset” the quarterback-staff relationship, arguing a coaching change could be a good thing for Underwood’s development and future at Michigan.

“There was an awareness around Michigan that Bryce Underwood had a bit of discontentment with the offense. So, this change might actually provide an opportunity for Michigan to reset that relationship a little bit and find something that fits for Bryce Underwood’s vision of offense and also fits for the future of Michigan football.”

Underwood started as a true freshman and posted 2,229 passing yards, nine passing TDs, and six interceptions during the 2025 regular season, while adding 323 rushing yards and five rushing TDs. 

His dual-threat ability was a key factor in Michigan’s 9-3 (7-2 Big Ten) finish, highlighted by a five-game win streak before a 27–9 loss to rival Ohio State to close the regular season.

Underwood flipped his high-profile recruitment from LSU to Michigan in November 2024 and signed in the early period, a move widely reported to be tied to a historic NIL package orchestrated by Michigan’s primary collective.

As for who might replace Moore, national outlets have floated a wide board of potential candidates, including established Power Five coaches such as Alabama’s Kalen DeBoer, as well as offensive architects known for quarterback development, like Arizona State’s Kenny Dillingham.

Whoever’s hired will need to sell both winning and a clear developmental plan to keep Underwood from entertaining portal approaches, notably reported interest from LSU and others. 

Read More at College Football HQ

• $29 million college football coach surges as favorite to replace Sherrone Moore at Michigan 

• $1.3 million college football coach reportedly accepts head coaching job

• First-team All-Conference WR enters college football transfer portal

• College football program loses 11 players to transfer portal