First I want to thank @TommyAlly for sharing the invite with me - much appreciated.
Last night Providence hosted an NIL Town Hall for fans, donors, and businesses to attend. It was an extremely informative session and very well organized. I couldn't have walked away more impressed. Leading the event were different stakeholders; Steve Napolillo - Athletic Director, Jim Nacastro - Compliance, a representative from Opendorse NIL partner/vendor, and president of the Friar Family Collective (fan collective endorsed by school). The town hall lasted about an hour. The first half was a comprehensive NIL overview given by Opendorse and the second half was mainly Q&A.
The stakeholders (school, athletic department, Friar Family Collective, and Opendorse) had a well articulated strategy/goal and it was very clear they are a cohesive unit. There was very strong leadership from Napolillo. I can't stress that enough.
Key takeaways:
Last night Providence hosted an NIL Town Hall for fans, donors, and businesses to attend. It was an extremely informative session and very well organized. I couldn't have walked away more impressed. Leading the event were different stakeholders; Steve Napolillo - Athletic Director, Jim Nacastro - Compliance, a representative from Opendorse NIL partner/vendor, and president of the Friar Family Collective (fan collective endorsed by school). The town hall lasted about an hour. The first half was a comprehensive NIL overview given by Opendorse and the second half was mainly Q&A.
The stakeholders (school, athletic department, Friar Family Collective, and Opendorse) had a well articulated strategy/goal and it was very clear they are a cohesive unit. There was very strong leadership from Napolillo. I can't stress that enough.
Key takeaways:
- Per Opendorse records Providence ranks #2 in total NIL payments amongst Big East schools and #14th in the nation (also ranks #1 in nation for men's hockey). I *think* this could be misleading because not all collectives flow thru the Opendorse platform.
- Napolillo said that they need $2M - $3M in annual NIL for men's basketball in order to have a team that can compete for league championships. That is their goal and they are very confident they can achieve/maintain that. That number is directly in line with the Philadelphia Inquirer report that Villanova's NIL payroll for this season is $3M and each player is receiving $75K+.
- Their goal is to have 1,000 members of the Friar Family Collective.
- If you're not a leader in this space, you will fall behind very very quickly and Providence views themselves as a leader.
- NIL provides a better return on investment for businesses than other marketing strategies (don't roll your eyes they provided the data to back this up)
- Opening remarks from Napolillo (AD) stressed the importance of NIL in the current landscape and how imperative it is for everyone to get involved. Overall, he was very positive and emphasized the power in numbers. Very confident they will be successful in this space and will continue to compete for Big East and national championships.
- Next to speak was the representative from Opendorse. She gave a 25-30 minute presentation covering all things NIL and Providence. She explained what Opendorse is and how they are a leader in the NIL space partnering with schools all over the nation. She gave an extremely detailed overview of what NIL is, what is permitted, what is not permitted, compliance components, income taxes, etc. Provided several real life examples for how fans and businesses can get involved. Really selling business owners on investing in NIL.
- Next up was the Friar Family collective. The president explained their role and what they do. They are partners with Opendorse as well and leverage their platform. All NIL for Providence flows thru Opendorse which is very efficient for compliance and income tax purposes. He also mentioned how important it is for them that they are officially endorsed by the college (attention Mike Walsh!)
- Napolillo spoke again before opening it up to Q&A. Again, just stressed NIL is a requirement to win championships and recruiting battles. He understands this might be uncomfortable for some, but this is the new world and it's not going to change. We need to work together to continue to compete at the highest level - and there is no doubt we will be successful.
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