What is the HERD Exchange?
The HERD Exchange is a student-athlete NIL business registry, custom-designed for businesses, donors, alumni, and any other interested NIL dollars wishing to connect with student-athletes. Registered businesses can search, filter and initiate conversations with your student-athletes to discuss an NIL deal. Once the NIL deal between a registered business and your student-athlete is completed, the business will use the HERD Exchange to create a transaction that will produce a direct payment to the student-athlete and automate a disclosure to the INFLCR Verified Compliance Ledger. The institution does not have to get involved in the deal and all transactions within the local exchange are consolidated into one 1099 at the end of the year for easier tax reporting purposes for registered businesses and athletes.
FAQs:
What is Name, Image & Likeness?
As of July 1, 2021, student-athletes competing in NCAA intercollegiate athletics are permitted to receive compensation for the use of their name, image or likeness (NIL) for commercial activities, including endorsements through traditional and social media, appearances, entrepreneurial activities, in-kind deals, autographs and more, in accordance with NCAA guidelines and Marshall University NIL protocols.
Does the state of West Virginia have an NIL Policy?
No
Can a University employee or coach help arrange a deal for an athlete?
No. University employees, including coaches and members of the athletics department, CANNOT negotiate deals or contracts. However, they can direct student-athletes to NIL-related opportunities on the HERD Exchange.
Does the school or INFLCR take any revenue from NIL transactions in the Local Exchange?
No
Do you have to be an official university licensee to register?
No, but businesses will not be permitted to use university marks without permission from the Director of Athletics and the Thundering Herd Sports Sponsorship group.
Who approves your request to register?
Typically, compliance officers designated by the institution. If you have any questions about your approval, contact Sean Tuttle, Associate AD for Compliance at s.tuttle@marshall.edu
How will I know when I am approved?
You should receive an email from the institution verifying your approval. We don’t have specific numbers for how long it will take to get verified. Each institution works differently.
When can I start contacting athletes and processing payments?
After being approved by the school, you will be able to contact athletes and process payments.
Additional Resources
Marshall Thundering Herd - LEARFIELD
Licensing & Branding Home - Licensing and Branding Information (marshall.edu)