Connect with us

Name Image & Likeness

Tracking Student Athlete Car Deals in the NIL Era

Student athletes are driving brand new cars thanks to NIL rights.

Myles Brennan one of many student athletes with car deals

This post will be updated as new deals are made public. Contact me if you have a new deal I should add. Last update November 2, 2021.

Car deals were often the example given when we all talked about the opportunities name, image and likeness might bring for student athletes. Dealerships aren’t disappointing, jumping right in during the first two months of this new NIL era.

So far, deals have mostly been for football student athletes, but there has been one announced for a men’s basketball player. The deals made public include:

Myles Brennan (LSU Football, Quarterback)

Dealership: Hollingsworth Richards Ford

Deal brokered by: Matchpoint Connection

Vehicle: Ford F-250

First NIL Car Deal with LSU’s Myles Brennan Exposes Risk for Brands

Derek Stingley Jr. (LSU Football, Cornerback)

Dealership: Jimmy Granger’s Natchitoches Ford

Vehicle: Ford ShelbyGT 500

Bryce Thompson (Oklahoma State Basketball, Shooting Guard)

Dealership: Bill Knight Ford of Stillwater

Vehicle: Ford Mustang

Jack Sawyer (Ohio State Football, Defensive End)

Dealership: Mark Wahlberg Chevrolet

Vehicle: Chevy Silverado

Quinn Ewers (Ohio State Football, Quarterback)

Dealership: Ricart Automotive

Vehicle: Ford F250 Super Duty

Jayden Daniels (Arizona State Football, Quarterback)

Dealership: Jones Ford Verde Valley

Vehicle: 2020 Ford Mustang GT Premium

Kenny Pickett (Pittsburgh Football, Quarterback)

Dealership: Bowser Automotive

Vehicle: GMC Sierra

Haskell Garrett (DT), Zach Harrison (DE), C.J. Stroud (QB), Chris Olave (WR), Miyan Williams (RB) and Teradja Mitchell (LB) (Ohio State Football)

Dealership: Coughlin Chevrolet

Deal brokered by: NIL Management

Vehicles:

Chris Olave – 2021 Chevy Camaro SS
CJ Stroud – 2021 Chevy Z71 Silverado with the SCA Black Widow Package
Haskell Garrett – 2021 Ford F-150 with the SCA Black Widow Package
Zach Harrison – 2020 Chevy Tahoe Limited
Teradja Mitchell – 2021 Chevy Camaro RS
Miyan Williams – 2022 KIA K5

Spencer Rattler (Oklahoma Football, Quarterback)

Dealership: Fowler Dodge

Vehicles: 2021 Ram TRX or a 2021 Widebody Charger Scat Pack

Wan’Dale Robinson (Kentucky Football, Wide Receiver)

Dealership: Paul Miller Ford

Deal brokered by: The Virtus Brand

Vehicle: pending confirmation

TreVeyon Henderson (Ohio State Football, Running Back)

Dealership: Ricart Used Car Factory

Deal brokered by: NIL Management

Vehicle: Chevy Camaro

Bryan Bresee (Clemson, DT)

Dealership: Fred Caldwell Chevrolet

Vehicle: 2021 Silverado RST with the Rocky Ridge package

Bresee will appear in TV, social media, radio and digital campaigns for the dealership

Bryan Bresee car deal with Fred Caldwell Chevrolet

Josh Oduro (George Mason Basketball, Forward)

Dealership: Jim McKay Chevrolet

Vehicle: 2018 Chevy Malibu

Part of the deal is reportedly that Oduro will wear Jim McKay attire at all of his press conferences. 

Desmond Ridder (Cincinnati Football, QB)

Dealership: Blue Grass Automotive

Vehicle: Range Rover (unconfirmed but pictured in Twitter announcement)

Tyler Washington (Kentucky Basketball, Point Guard)

Dealership: Porsche Louisville

Representation: REP1 Basketball

Vehicle: Porsche Cayenne

Denzel Burke (Ohio State Football, Defensive Back)

Dealership: Mark Wahlberg Chevrolet

Representation: NIL Management

Vehicle: 2021 Chevy Camaro SS

Remy Martin (Kansas Basketball, Point Guard)

Dealership: Crown Toyota

Representation: 6th Man Strategies

Vehicle: 2022 Toyota Camry

Anthony Richardson (Florida Football, Quarterback)

Dealership: Gainesville Chrysler Dodge Jeep Ram

Representation: Darren Heitner and Deiric Jackson

Vehicle: 2021 Dodge Durango R/T

Deal notes: This deal is through the end of the 2023 season. He gets to exchange vehicles every 3-6 months throughout the term.

There have been other car-related deals that haven’t involved student athletes receiving vehicles. Some of those have included:

Mac May (UCLA Volleyball, Outside/Opposite Hitter)

Brand: Mercedes

Deal: Cash for personal appearances and social media promotion

Haskell Garrett (Ohio State Football, DT)

Brand: Cruisin Classics

Deal: Storage for a 1972 Cadillac Coup de Ville Garrett bought with NIL money he’s made

UNLV Men’s Basketball

Brand: Findlay Toyota, Logic Commercial Real Estate and other Southern Nevada supporters

Deal: $500/month car allowance for one year


Tax Implications for Student Athlete Car Deals

Although details vary by deal, most of these deals include some combination of social media promotion and personal appearances. Others have mentioned print and broadcast advertising possibilities as well.

I asked CPA Katie Davis (who was previously on my podcast talking taxes for student athletes) of James Moore & Co. to break down for us the tax implications for student athletes accepting these deals. She used the first deal made public, LSU quarterback Myles Brennan’s, as an example.

For purposes of this example, Davis said she assumed the truck was a loaner for football season. She says the auto dealer will issue Brennan a 1099 for the fair market lease value of the truck. Assuming an average lease value on a Ford F-250 of $714/month, Brennan would receive a 1099 for $3,570 for 2021. That deal alone (if was Brennan’s only NIL deal) would fall below the US standard deduction of $12,500.

“He could also be subject to state taxes: Mississippi if he still has residency there, and Louisiana as the income was sourced in that state,” said Davis. “For both states, the truck value also falls below their thresholds for incurring tax. However, he still has to file a US tax return to pick up the 15.3% self-employment income.

“For the truck alone, that would be $546 of tax to go toward Social Security and Medicare. Then, the act of filing a federal return may require the filing of state returns depending on the state and residency status, even if no tax is due.”

“In Brennan’s case, he could generate taxable income (income exceeding deductions/exemptions) at the federal level and in multiple states by the time you take into account other NIL deals plus his taxable cost of attendance and other education-related benefits,” said Davis.

“I’m not saying taxes are a bad thing or a reason to not allow student athletes to benefit from their NIL or additional education-related awards. But I think it’s incredibly important for some tax basics to be included in the schools’ NIL financial literacy education programs. Student-athletes should understand their responsibilities, how 1099 income differs from W-2 (which their parents may be more familiar with), and the potential state tax requirements.

“They should also understand that non-cash compensation is still subject to tax, which has to be paid with cash, so that cash should be set aside. There could also be penalties if taxes are paid in a lump sum when tax returns are filed instead of throughout the year. Also, there are some tax benefits the high earners could take advantage of to reduce their taxable income, such as putting money in an IRA.”

The NCAA’s new NIL policy, as well as state and institutional policies, all allow student athletes to hire financial advisors, lawyers and agents to assist with navigating these new opportunities.

Want to check out more NIL deals? Check out our NIL Quick Links for more:

Individual Deals

Group Deals & Group Licensing

Professional Sports Team Deals

Author

  • Kristi A. Dosh is the founder of BusinessofCollegeSports.com and has served as a sports business analyst and contributor for outlets such as Forbes, ESPN, SportsBusiness Journal, Bleacher Report, SB Nation and more. She is also the author of a book on the business of college football, Saturday Millionaires. Kristi is a sought-after consultant and speaker on topics related to the business of college sports and a former practicing attorney. Click to learn more

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.