NIL is giving college athletes new opportunity, but the legal side is getting harder to ignore. In this conversation, Philip Sheng, partner at Venable LLP, breaks down NIL through the lens of intellectual property, right of publicity, athlete contracts, college eligibility, and the changing business of college sports. Eric Kasimov and Philip discuss the College Sports Commission, fake NIL vs. real NIL, the Nebraska/PlayFly case, transfer portal culture, non-revenue sports pressure, high school NIL, sports betting, and why athletes should be careful about making life decisions based only on money. Key Takeaways NIL is both an athlete compensation issue and an intellectual property issueRight of publicity is the legal foundation behind many NIL questionsCollege athletes need better education around contracts, taxes, agents, and rightsNot every NIL deal is worth making a life decision aroundThe College Sports Commission is trying to separate real NIL from pay-for-playThe Nebraska/PlayFly situation shows how important contract details and deliverables areNon-revenue sports like tennis and swimming face real pressure after the House settlementInternational recruiting and age-based eligibility rules are affecting college rostersHigh school NIL creates opportunity, but also adds risk for younger athletesSports betting is becoming one of the biggest trust and wellness issues in college sportsCollege still has value beyond athletics, money, and short-term opportunityEpisode Chapters 00:00 – Philip Sheng’s background in law, NIL, and college sports03:04 – Conference realignment and the travel burden on athletes05:19 – How college sports changed from opportunity to money08:23 – NIL education, taxes, agents, and bad advice12:25 – Whether NIL has gone too far14:21 – Fan loyalty, roster turnover, and the value of staying18:00 – The College Sports Commission and NIL enforcement21:00 – Nebraska, PlayFly, and what NIL deals need to include25:00 – Lawyers, arbitration, and whether the CSC can work28:11 – Big Ten, SEC, playoff expansion, and media money30:29 – Media rights, rivalry games, and breaking away34:39 – Philip’s NIL contract work with athletes, schools, and brands36:08 – Why brands should look beyond star athletes38:20 – What families need to know before signing NIL contracts40:38 – IP rights, long-term control, and the Taylor Swift example42:02 – Non-revenue sports cuts after the House settlement44:29 – International athletes, eligibility rules, and roster pressure48:00 – High school NIL and protecting younger athletes50:29 – Sports betting, college students, and athlete data concerns54:34 – College education, cost, and long-term decision-making59:28 – Where to find Philip Sheng Connect & Follow Follow The NIL Podcast by SportsEpreneur for more conversations on athlete business, NIL strategy, and the evolving college sports landscape.Philip Sheng: X | LinkedIn | Venable LLPEric Kasimov: LinkedIn | XSportsEpreneur: LinkedIn | X