URGENT UPDATE: The College Sports Commission (CSC) has just announced a significant correction regarding the value of approved name, image, and likeness (NIL) deals, stating they overstated the figure by a staggering $44.4 million. This revelation, confirmed on Friday, comes just one day after the commission released data indicating the cleared deals totaled $79.8 million.
The CSC clarifies that the actual value of approved deals stands at $35.42 million. This miscalculation stemmed from a clerical error involving data provided by Deloitte, which developed the NIL Go platform utilized by the commission. The previous report incorrectly included pending deals in the total, misleading stakeholders about the actual approved transactions.
The commission also retracted the number of approved deals, correcting it from 8,359 to 6,090. The higher figure represents all deals in the system, not just those cleared. Deloitte issued a statement taking full responsibility for the reporting error, asserting, “We have taken additional measures to avoid any future recurrence.”
This mistake highlights the challenges faced by the CSC, which only began operations on July 1, 2023, and currently employs fewer than six full-time staff members. As the commission navigates the complex landscape of NIL agreements, it aims to maintain transparency while sorting through thousands of deals that could impact athlete eligibility.
The CSC reports that it is actively working to expedite the approval process, acknowledging that delays have caused frustration among stakeholders. “The CSC is working diligently to speed up wait times and regrets the frustration caused by these initial delays in the process,” the commission stated. Most deals are reportedly cleared within a week, but some have taken longer.
The commission is also monitoring pending deals, reporting that 2,003 deals are currently awaiting approval, with half requiring more information and the other half under active review. While the CSC has not identified errors in other released statistics, it continues to emphasize its commitment to transparency and accuracy.
As developments unfold, stakeholders in college athletics and the business community will be watching closely. The CSC’s efforts to streamline the NIL approval process are crucial for ensuring athletes can benefit from their likenesses without jeopardizing their eligibility.
Stay tuned for more updates as the CSC navigates these challenges and works to enhance the NIL landscape for college athletes.