NORMAN – The University of Oklahoma Athletics Department, in conjunction with INFCLR, has launched a new platform, OU Exchange, which will allow businesses and student-athletes to connect directly. OU Exchange is the latest innovation to help student-athletes and businesses work closely together in developing Name, Image and Likeness (NIL) agreements.
OU Exchange, a free service to student-athletes and the commercial enterprises that use it, will help the athletics department customize and manage NIL reporting, while providing approved businesses, collectives, and individuals with a customized portal for communicating with student-athletes and fulfilling NIL transactions.
After a business, collective, or individual registers on OU Exchange, they can access a searchable database of OU student-athletes, and filter that date base through a variety of criteria. They can message the student-athlete directly in the application or request the student-athlete's contact information (or that of their representative) to start a discussion about an NIL transaction. INFLCR and OU will not be a party to the negotiations.
"This new platform creates a process that is easy, effective and compliant. It's much like a job fair that never ends."
Joe Castiglione
The sign up for businesses begins December 1 at SoonerSports.com/exchange. OU will opt-in its student-athletes, who may opt out if they chose not to participate. It is anticipated that the actual platform interactions will begin in mid-December.
"We always value being a first mover; innovative; proactive. Especially when it comes to positioning our program, our coaches, our student-athletes for success," said OU Vice President and Athletics Director Joe Castiglione. "This is exciting because now we have our own system that we can position our student-athletes for success.
"This new platform creates a process that is easy, effective and compliant. It's much like a job fair that never ends. Businesses and our student-athletes can hold two-way conversations that result in new efficiencies."
Upon finalization of an NIL deal, the compliance disclosure, which can be customized based on institutional regulations or state legislation, will include a payment processing tool for the business to securely pay the student-athlete. All disclosure and payment data automatically reports to the institution's existing INFLCR ledger, and any payments processed using this tool will be reported on a consolidated 1099 that lives in the student-athlete's INFLCR app for more efficient tax reporting.
At the same time, OU is also opening the pathway to co-brand with its student-athletes, which means the school's marks can begin appearing in NIL arrangements. Businesses wishing to participate in those agreements must be approved in advance by the athletics department's branding and licensing office. That office can be reached at SoonerSports.com/licensing.
INFLCR President Jim Cavale, a leading voice in NIL, lauded OU's move.
"Our customers – from administrators, to coaches, to student-athletes – are innovative and engaged, and played a key role in helping our product team design and build the INFLCR+ Local Exchange," said Cavale. "Our launch partners are so far ahead of the curve; I'm just humbled by the trust that they've placed in us and in the Local Exchange."
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Launch of OU Exchange Breaks New Ground in NIL - University of Oklahoma - Soonersports.com
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