Jaden Rashada has asked Florida to release him from his National Letter of Intent on Wednesday, according to the Associated Press.
Rashada reportedly had a $13 million NIL deal on the table, but some around the industry are skeptical that the dollar amount ever reached that level.
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“I’d be surprised if it guaranteed Rashada $13 million in cash,” Mit Winter, Attorney at Kennyhertz Perry LLC told The NIL Deal. “And if it did, it sounds like that much money never existed.”
Winter said that he’s heard from “his contacts” that Florida will grant Rashada his release.
“Trying to prevent an athlete from leaving always backfires on schools and just leads to bad PR,” Winter added. “It’s also generally not good for a team to have a team member that doesn’t want to be there.”
Since the beginning of NIL, we’ve seen college athletes rake in even more money than some athletes at the professional level. However, this is a case that may end up having to serve as a reality check for collectives and everyone else in the NIL space.
“Perhaps an adjustment in expectations needs to occur on what is and isn’t realistic in terms of dollar amounts being thrown around,” Sports and Entertainment Attorney David McGriff told The NIL Deal. “In any event, athletes, families and advisors need to invest resources in diligence during the process and have a firm understanding of what is being offered and what exactly is providing the basis for such an offer.”
RELATED: Gator Collective signs entire Florida women’s basketball team to NIL deal
NIL is still very new and there’s a lot to be learned about students getting the deals they desire. Everyone involved in the NIL landscape will almost certainly remember the fallout of Rashada’s deal with Florida.
“This scenario could be a great lesson for athletes, parents, schools, collectives, agents, attorneys and anyone else involved in this business,” Newman + Lickstein Attorney Dan Greene told The NIL Deal. “Either way, I don’t think this is the end of this story.”
