Boy, how the dynamics around college basketball and amateur athletics have changed over the years. The transfer portal has become a major component to program building. Name, Image Likeness (NIL) has also changed things big time.
The ability of “amateur athletes” getting paid has been a major point of contention. Legendary college football coach Nick Saban retired earlier this year. He cited NIL as one of the primary reasons.
College basketball purists are not going to be happy about this new report from Matt Norlander and Dennis Dodd of CBS Sports. The two CBB insiders broke news that Las Vegas is going to be hosting an “NIL-driven” college basketball tournament during Thanksgiving weekend this coming November.
“Games will be played in November under the umbrella of an event dubbed the ‘Players Era Festival,’ which will also include live music and other attractions for fans amid the glitz of the Las Vegas Strip during Thanksgiving week,” report on Vegas-based college basketball tournament. “In a college sports first, the event will also include $1 million NIL payouts for eight participating schools. What’s more, players involved will have future earnings opportunities through long-term NIL contracts.”
Amateur athletes taking part in a holiday-weekend tournament in Las Vegas with NIL money as the backdrop. What could possibly go wrong? At the very least, the skeptic in us wonders exactly how this will play out.
Related: Arch Manning Reportedly Earns As Much In NIL Money Than Some NFL Starting Quarterbacks’ Salaries
Teams Already Confirmed For Las Vegas NIL College Basketball Tournament
According to CBS Sports, these teams have already been confirmed for the first-ever event.
- Alabama Crimson Tide
- Houston Cougars
- Notre Dame Fighting Irish
- Rutgers Scarlet Knights
- San Diego State Aztecs
- Texas A&M Aggies
- Oregon Ducks
An eighth team will be named at a later date.
Event organizers are in negotiations with MGM Resorts International to play the games at a combination of T-Mobile Arena, MGM Grand Garden and Michelob ULTRA Arena. The games would be played on Nov. 26, 27 and 29 with teams being given Thanksgiving off.
Related: 20-Years-Old And Already Worth Millions Thanks To NIL Deals
Players Era Festival Is Not A One-Off College Basketball Tournament
Apparently, this is not going to be limited to Las Vegas in 2024. The CBS Sports report notes that it will return in 2025. Blue-blood schools such as Duke and Kansas are in talks about playing next year.
Other schools are also in talks, including Michigan, Gonzaga, Syracuse and Virginia. Many of the schools that signed on for the 2024 iteration agreed to three-year deals — meaning that they’ll be on hand for the 2025 event.
“If there are events where there’s an extraordinary amount of money involved, and there’s no donor fatigue involved in this, how do you not play in this?” one coach participating in the Players Era Festival told CBS Sports. “There’s not a decision we make that’s not NIL-driven. I’ll play in the parking lot of Mandalay Bay, just clear the f—ing check.”
Welcome to the new normal.