What is the Superior Exchange?
The Lake Superior State Superior Exchange is a student-athlete NIL business registry, custom-designed for businesses, donors, alumni, and any other interested NIL dollars wishing to connect with student-athletes. Registered businesses can search, filter and initiate conversations with your student-athletes to discuss an NIL deal. Once the NIL deal between a registered business and your student-athlete is completed, the business will use the Superior Exchange to create a transaction that will produce a direct payment to the student-athlete and automate a disclosure to the INFLCR Verified Compliance Ledger. The institution does not have to get involved in the deal, and all transactions within the exchange are consolidated into the compliance ledger for the school's review. 1099-K's are also sent to the student-athletes who meet the IRS threshold for third party payment reporting requirements.
FAQs:
What is Name, Image & Likeness?
As of July 1, 2021, student-athletes competing in NCAA intercollegiate athletics are permitted to receive compensation for the use of their name, image or likeness (NIL) for commercial activities, including endorsements through traditional and social media, appearances, entrepreneurial activities, in-kind deals, autographs and more, in accordance with NCAA guidelines and Lake Superior State NIL protocols.
Does the state of Michigan have an NIL Policy?
Yes, click here to view the Michigan NIL policy.
Can a University employee or coach help arrange a deal for an athlete?
No. University employees, including coaches and members of the athletics department, CANNOT negotiate deals or contracts. However, they can direct student-athletes to NIL-related opportunities on the Superior Exchange.
Does the school or INFLCR take any revenue from NIL transactions in the Local Exchange?
No.
Do you have to be an official university licensee to register?
No, but businesses will not be permitted to use university marks without written permission from LSSU Athletics.
Who approves your request to register?
Typically, compliance officers designated by the institution. If you have any questions about your approval, contact Kathryn Hills at khills@lssu.edu
How will I know when I am approved?
You should receive an email verifying your approval. We don’t have specific numbers for how long it will take to get verified. Each institution works differently.
When can I start contacting athletes and processing payments?
After being approved by the school, you will be able to contact athletes and process payments.
Additional Resources
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Student-Athlete How To PDF - link coming soon