What an attorney who reviews NIL deals sees in the contracts, and what college athletes may be signing away.
Philip Sheng is an attorney at Venable LLP, a national firm of roughly 900 lawyers, where he works in the intellectual property group and the sports law practice. His focus is college NIL, the right of publicity, and college eligibility: who owns a person’s name, image, and likeness, and what they give up when they sign.
This is the on-the-ground legal view of NIL. For the full breakdown of how the system works, start with The NIL Hub, NIL Rules in 2026, and NIL Pros and Cons. This episode is narrower. It is what a practicing attorney sees inside the deals themselves.
Eric Kasimov talks with Sheng about NIL as both a legal and an athlete-centered issue. They get into whether NIL is really athlete compensation, intellectual property, or both, and why the issue was known as the right of publicity long before college sports made it a household term. Sheng has lived the landscape from several sides. He played tennis at Stanford, competed as an ATP-ranked professional, and now has children navigating college athletics, including Division I basketball and tennis.
What Philip Sheng and Eric Get Into
- NIL as intellectual property and the right of publicity
- The College Sports Commission and how it reviews NIL deals
- The Nebraska and PlayFly case, and why the contracts were the problem
- Why even a small NIL deal needs its rights language reviewed
- How brands can work with role players, not only star athletes
- Roster cuts in non-revenue sports like tennis and swimming
- High school NIL, state-by-state rules, and protecting minors
- Sports betting, college students, and the value of staying in school
NIL Begins as an Ownership Question
Sheng starts with a legal distinction that matters. Before college sports made NIL a household term, the issue was usually called the right of publicity. Celebrities, musicians, and professional athletes protected the commercial value of their name, image, and likeness. College sports did not create NIL. It changed the way people talk about it.
From there, Eric and Sheng trace how college sports reached this point. Conference realignment has put heavy travel demands on student-athletes. NIL created opportunity along with confusion. The transfer portal gave athletes more freedom while making rosters feel temporary. And the money around football and basketball keeps shifting the incentives for everyone involved.
A central part of the episode covers the College Sports Commission and its role in reviewing NIL deals. The CSC was created out of the 2025 House settlement as an enforcement arm. It reviews third-party NIL deals worth more than $600 through an online platform built by Deloitte, checking each deal for fair market value and a valid business purpose. Sheng explains the Nebraska and PlayFly case in that context. Roughly 18 players were set to receive about $1 million each, and the money itself was not the sticking point. The deals did not state what the athletes were being paid to do. An arbitrator found the agreements impermissible under the settlement rules because the deliverables and the contracting party were left blank. Sheng notes the arbitration is not binding on other schools, and parallel litigation in district court is testing the same question.
The conversation also gets practical. Sheng walks through NIL contracts, fair market value, deliverables, and brand usage rights, and why even a $500 or $1,000 deal can create long-term problems. If an athlete signs away the use of their name, image, and likeness for years and later becomes well known, the rights language is what determines who benefits. He points to congressional efforts such as the proposed federal college sports legislation that keeps stalling, and to the pressure building from Congress, the courts, the media, and fans.
Eric and Sheng also discuss non-revenue sports, especially tennis. Sheng raises concern over roster cuts and the pressure that House settlement costs place on programs that do not generate major revenue. They cover international athletes and eligibility, high school NIL, sports betting, and the rising cost of college. The episode closes on a broader point. College still has value beyond the check. Sheng does not dismiss the money, but he argues athletes should be careful about making life decisions on short-term NIL dollars alone, given what the education, teammates, coaches, and long-term network are worth.
Frequently Asked Questions About NIL Law
What is the College Sports Commission?
The College Sports Commission (CSC) is the enforcement arm created out of the 2025 House settlement. It enforces settlement terms such as roster limits and revenue sharing, and it reviews third-party NIL deals worth more than $600 through an online platform built by Deloitte. Each deal is reviewed for fair market value and a valid business purpose.
Why did the College Sports Commission flag the Nebraska NIL deals?
According to Sheng, the money itself was not the sticking point. Roughly 18 Nebraska players were set to be paid about $1 million each, but the agreements with PlayFly did not specify what the athletes were being paid to do. An arbitrator found the deals impermissible under the House settlement rules because the deliverables and the contracting company were left blank. The ruling is not binding on other schools, and a parallel case in district court is challenging the same issue.
Do college athletes need a lawyer to review NIL deals?
Sheng’s view is that contract review matters most for the rights language. Even a $500 or $1,000 deal can become a problem if an athlete signs away the use of their name, image, and likeness for many years and later becomes well-known. He notes athletes in smaller sports often skip review because the dollar amount feels too small to justify it.
Can high school athletes earn NIL money?
It depends on the state. Rules vary, and some states did not allow high school NIL when players such as Quinn Ewers were in school. Sheng points out that minors generally cannot sign their own contracts, and he stresses protecting younger athletes and keeping family and representation roles separate.
How do international athletes fit into college NIL and eligibility?
Sheng says international roster questions are driven less by NIL money, since immigration rules limit how international athletes can earn NIL, and more by age and eligibility gaps. The NCAA is moving toward age-based eligibility that would give athletes five years starting when they graduate high school or turn 19.
Notable Quotes
- “NIL is an IP issue traditionally.”
- “I believe that college athletes are students first.”
- “I just wonder, have we gone too far?”
- “Money’s driving so much of this.”
Chapters in This Episode
- 00:00 Philip Sheng’s background in law, tennis, and college sports
- 00:36 Venable LLP, intellectual property, NIL, and sports law
- 02:11 NIL as right of publicity
- 03:15 Stanford, conference realignment, and athlete travel
- 04:13 The burden on student-athletes
- 06:29 What college sports used to be for
- 07:00 Money, transfers, and the changing athlete experience
- 09:20 NIL checks, taxes, and athlete education
- 09:36 Bad agents and why guidance matters
- 12:25 Has NIL gone too far?
- 13:00 Congress, courts, media, fans, and pressure to change
- 16:11 Money, rosters, and the college experience
- 19:05 What the College Sports Commission does
- 20:00 Fair market value, valid business purpose, and NIL deal review
- 20:55 Nebraska, PlayFly, and unclear NIL contracts
- 22:39 Why the Nebraska case was not just bad paperwork
- 23:40 Why other schools are watching
- 25:00 Lawyers, arbitration costs, and legal representation
- 26:18 Sheng’s view of the CSC and NCAA enforcement
- 28:46 College football playoff expansion and media money
- 31:00 What happens if schools sell marquee games differently
- 32:43 Why championships still matter
- 34:50 Sheng’s work with non-revenue sports and NIL contracts
- 36:08 Why brands should look beyond star athletes
- 38:47 Are NIL contracts becoming standardized?
- 39:45 Why athletes need contract review
- 40:38 Rights, music, and long-term ownership
- 42:02 College tennis, roster cuts, and non-revenue sports
- 44:29 International athletes and college tennis
- 47:25 Similar issues in soccer and goalkeeper recruiting
- 48:00 High school NIL and state-by-state rules
- 49:37 Youth sports, money, and family pressure
- 50:29 Sports betting, college students, and addiction risk
- 52:00 Athlete data, betting markets, and protection
- 54:00 The cost and value of college
- 55:00 Why athletes should not discount the college experience
- 57:25 Athletic fees, non-athletes, and campus tension
- 58:57 Burnout, injuries, and changing paths
- 59:28 Where to find Philip Sheng
About Philip Sheng
Philip Sheng is an attorney at Venable LLP, where he works in the firm’s intellectual property group and sports law practice. His work includes NIL, the right of publicity, college eligibility, NCAA eligibility, and athlete-related legal issues. He has practiced law for 15 years.
He is also a former Stanford tennis player and a former ATP-ranked professional. That background gives him a view of college sports from both sides, as a former athlete and as an attorney working in NIL and intellectual property. He also brings a parent’s perspective, with children competing in Division I basketball and tennis. The combination shapes how he thinks about NIL, athlete contracts, non-revenue sports, and the value of the college experience.
Connect with Philip Sheng:
X | LinkedIn | Venable LLP
Connect with Eric and SportsEpreneur:
LinkedIn | X | SportsEpreneur on LinkedIn | SportsEpreneur on X
Related SportsEpreneur NIL Content
-
- The NIL Hub
- Did You Know You’re Paying for College Sports?
- What the Protect College Sports Act Reveals About Athlete Representation
- One-Time Transfer Rule in College Sports: Athlete Freedom or More Control?
- NIL Rules in 2026: What Athletes, Families, and Coaches Need to Know
- NIL Pros and Cons | The College Game Is Changed Forever
- The Protect College Sports Act Explained
- NIL Is Moving From Chaos to ROI | Brent Wall of Student Athlete Score
- The Pros and Cons of a 24-Team College Football Playoff — And Why Money Is Driving the Debate
Eric Kasimov is the founder of SportsEpreneur, part of the KazSource media network. Since launching the platform in 2015, he has hosted over 500 podcast episodes, written and published more than 1,500 articles, and advised business leaders, founders, and creators on building authority through media strategy.
Through his brands — KazSource, KazCM, SportsEpreneur, and QuietLoud Studios — Eric leads teams that produce podcasts, develop brand platforms, and help companies grow through modern content ecosystems. He also scaled KazSource Insurance into a seven-figure boutique agency, providing the foundation for the broader media network he operates today.
His work has been featured in Forbes, Axios, and Front Office Sports, and his podcasts have included conversations with top founders, investors, and athletes turned entrepreneurs.