In this in-depth and fast-moving episode, host Josh Stein sits down with Nik Erramilli, founder of the Erramilli Law Group, to unpack the rapidly evolving world of Name, Image, and Likeness (NIL) in college athletics.

Nik works directly with athletes, agents, and collectives navigating contracts, compliance, and the new financial realities of college sports. Together they explore how the NCAA House settlement has reshaped the entire system — creating a $20.5 million salary-cap-style revenue pool for Power 5 schools, fundamentally changing recruiting, transfers, and the definition of amateurism.

The conversation ranges from the legal history (O’Bannon & Alston) to modern-day case studies — including Carson Beck’s decision to transfer to Miami for a higher NIL valuation, the pressures on coaches to re-recruit rosters every year, and the rise of “below-the-line” sports like volleyball and swimming that are finding new NIL opportunities.

Nik breaks down how schools determine the cap figure, how collectives actually function, and why “everything is short-term” while the market matures. He and Josh also cover:

• The business model behind NIL deals — appearances, brand sponsorships, and short-term contracts.
• Why small schools may set the legal precedents for NIL contract enforcement.
• The dilemma for high-school seniors squeezed out by older transfer-portal athletes.
• How NIL is changing university fundraising, athletic-department structures, and even campus culture.
• The next frontier: litigation, regulation, and long-term contracts that bring stability to a billion-dollar marketplace.

It’s an educational, insightful, and occasionally funny look inside the intersection of sports, law, and capitalism — a must-listen for athletes, parents, coaches, and fans who want to understand the new business of college athletics.

• Josh welcomes back listeners and introduces Nik Erramilli, a lawyer operating at the center of the NIL ecosystem.
• Quick overview of NIL basics: name, image, and likeness rights that allow college athletes to profit from their personal brands.
• Historical context: O’Bannon and Alston cases paved the way for today’s system.

• How the class action led by swimmer Grant House forced change in how college sports distribute revenue.
• The resulting framework: a $20.5 million annual cap per Power 5 school for athlete compensation.
• How that number was derived — expert testimony, revenue shares, bowl and media rights, and a 22 percent allocation formula.
• Why smaller programs can’t compete with top-tier schools under the same cap, and how that shapes recruiting parity.

• No standardized contracts, limited oversight, and short-term deals.
• Schools experimenting with one-year arrangements as the legal system catches up.
• Expected wave of litigation when the first breach-of-contract cases hit court.
• Potential for buyouts and longer-term deals as the market stabilizes.

• Coaches now act like general managers, reallocating limited NIL budgets across sports.
• Comparison to Moneyball: balancing talent versus cost.
• The toll on coaches who must “re-recruit” their...