Deion Sanders knows how to build a multimillion-dollar career in sports.
As a dual-sport athlete, he built his brand through lucrative NFL and MLB contracts and massive deals with companies like Nike and Pepsi. After retirement, Sanders carved out an image as “Coach Prime,” netting additional brand deals, a high-profile analyst role at CBS, and coaching gigs, most recently with the Colorado Buffaloes.
His best advice for young athletes? Don’t chase money when you pick a college — no matter how tempting it may be in the new era of NIL.
“I would attend a university based on staff, based on likability, based on the location that I wanted to be at, and the situation that I think could elevate me to the next level, not solely based on finances,” Sanders told Business Insider in an interview through his partnership with California Almonds.
Since 2021, new policies have allowed players to monetize their personal brand with NIL deals. While college athletes previously could not profit from their name, image, and likeness being used in ads, video games, or merch, they are now entitled to a pay-out.
That has transformed the landscape of college sports. To stay competitive and land star athletes, colleges are increasingly pressured to offer massive paychecks and facilitate bigger and better endorsement deals. Economists have found that universities with generous donors and resources can offer more enticing support for players looking to sign with big-name brands.
NIL has become a billion-dollar business, and top earners pull in $3-$6 million annually, before even entering a professional sports league.
Over the same period, the NCAA has also changed its transfer policies, making it easier for athletes to switch schools. According to NCAA data, the number of students entering the transfer portal has spiked dramatically as a result.
The growing financial incentives and ease of transferring are making it more tempting to chase a better deal.
“I think that’s why the portal is so active,” Sanders said.
Previously, Coach Prime described his young athletes as “investment bankers” learning to thrive in a high-pressure environment and make the right moves to build wealth.
But Sanders told Business Insider he is concerned that today’s players are getting distracted by a short-term payday — scrambling for the best deals instead of prioritizing their long-term career in the sport.
“We have young men that listen to the wrong advice, and they’re basing things on everything other than the main thing, and that’s the game,” he said.
Read the full article here
