In this episode of Highway to NIL, Troutman Pepper Locke attorney Cal Stein is joined by colleagues Mike Lowe, Philip Nickerson, George Pla, and Derek Centola for a “desk drawer” tour through some of the most consequential recent developments in NIL and college sports. The group unpacks a wave of NIL contract disputes involving high-value athletes, the escalating legal fights over eligibility and the five-year rule, and the emerging governance battles around the College Sports Commission’s (CSC) participation agreement.
The Issue in Enforcing Student Athlete Revenue Sharing Contracts Resurfaces Amid Demond Williams Attempted Transfer
On January 6, 2025, University of Washington standout quarterback Demond Williams announced that he plans to enter the NCAA transfer portal just four days after reportedly signing a contract with Washington football for the 2026-27 season.[i] Williams’ deal with Washington has been reported to be for approximately $4 million, which is considered near the top of the market in terms of revenue sharing and NIL compensation for a student-athlete.[ii] It has been reported that Washington has no intention of releasing Williams from his contract and plans to pursue legal action against Williams. Washington officials have described the contract as a “legally binding revenue-sharing contract with the school.”[iii] Under the recent House settlement, schools are entitled to compensate student-athletes through a revenue-sharing pool that is capped at approximately $20.5 million.
Utah Starts the Private Equity NIL Race
On December 9, 2025, the University of Utah, in what appears to be the first such deal of its kind, announced plans to partner with Otro Capital in a private equity arrangement. The deal is projected to generate approximately $500 million in capital for the university’s athletic programs.[i] Otro Capital is a New York-based firm that invests in sports teams and leagues.[ii]
Judge Wilken Overrules Objections to the House Settlement
On November 13, U.S. District Judge Claudia Wilken, who oversees the House v. NCAA settlement, overruled objections to the Injunctive Relief Settlement (IRS) filed by seven student-athletes.[1] Judge Wilken held a fairness hearing during which she heard from the objectors who raised several arguments around Title IX, roster limits, nonrevenue generating sports, inadequate representation by class counsel, and insufficient notice.
Maximizing Revenue: The Future of College Sports Media Rights in a Post-House World
In this episode of Highway to NIL, Troutman Pepper Locke attorneys Cal Stein, Chris Brolley, and George Pla look at the post-House settlement landscape, including the revenue-sharing pool that allows schools to pay athletes up to 22% of athletic revenue. They examine how those payments may impact athletic budgets and nonrevenue sports, and how schools may seek to make up any shortfalls by, among other things, maximizing their media rights revenue through incentive-based agreements and exploring private capital investments.