EP Wealth's Adam Fein and Joseph Palumbo share what Trump’s new college sports executive order means for pay-for-play and NIL athletes. 

Trump’s ‘Saving College Sports’ Executive Order: What It Means for NIL and Pay-for-Play Athletes

President Donald J. Trump has signed the Saving College Sports executive order, a move aimed at reining in the rapid escalation of money flowing into college athletics. In recent years, athlete compensation has expanded well beyond traditional scholarships, with income now coming from NIL (Name, Image, Likeness) endorsement deals, payments from booster-funded collectives to attract recruits or retain current players, and revenue sharing between schools and athletes under a recent legal settlement.

The surge of money and inconsistent state-level rules have fueled concerns about competitive balance, the stability of non-revenue sports, and whether the traditional amateur spirit of college athletics is being diminished by the influence of financial incentives.

The executive order seeks to prohibit third-party “pay-for-play” arrangements, while allowing legitimate NIL endorsements and school-based revenue sharing to continue. It also includes measures intended to safeguard funding for women’s teams and other non-revenue sports.

For current college athletes, the executive order is unlikely to affect any income agreements that are already in place this season, but it sets the stage for potential long-term shifts if Congress or federal agencies follow with nationwide rules.

Key Provisions of the Saving College Sports Executive Order

The order introduces several directives aimed at reshaping the NIL environment and protecting college sports programs:

• Ban on third-party pay-for-play: Prohibits booster and collective-funded deals that directly pay athletes for playing, while still allowing revenue sharing and fair-market-value endorsements.
• Support for women’s and non-revenue sports: Larger athletic departments must increase or maintain scholarships and roster spots for these programs.
• Student-athlete employment status review: Federal labor agencies will assess whether it’s in the best interests of college sports for athletes to be classified as employees.
• Antitrust protections: The NCAA and member schools may receive federal legal support to defend operational practices such as scholarship limits or rules on player eligibility.
• Agency implementation: Federal agencies, such as the Department of Education, are directed to propose regulations and enforcement plans.

The Immediate Impact: What Athletes Should Expect This Season

EP Wealth Senior Vice Presidents Joseph Palumbo and Adam Fein have spent many years as financial advisors to professional athletes in the NFL, NBA, and other sports. They lead the firm’s NIL wealth management team, guiding college athletes through the complexities of endorsement agreements, tax planning, investments, and how to manage income alongside their academic and athletic commitments. Since the announcement of the Saving College Sports executive order, one question has come up frequently from their NIL clients: Will this affect the money I’m set to earn this season?

For most athletes, the answer right now is no. Current NIL endorsement deals, appearance agreements, and other approved income streams are expected to continue under existing terms for the remainder of this season. “For guys currently playing this season, probably nothing will change,” says Palumbo. “However, this could be something that gets Congress to act, and if that’s the case, then we could see some meaningful change down the road, but not for fall 2025 football.”

Adam Fein adds, “It’s a good first step but still leaves a lot of questions unanswered. Until Congress enacts some new laws around NIL, it’s hard to see this changing the NIL landscape in the short term.”

How College Athletes Can Earn Income in 2025

• NIL Endorsements – Paid promotion of products or brands through social media, appearances, and campaigns. 
• Appearance Fees – Compensation for speaking engagements, autograph signings, or event appearances. 
• Booster/Collective Payments – Agreements from donor-funded groups to attract or retain athletes (where permitted by state law) 
• Revenue Sharing from Schools – School-provided share of sports-generated revenue under new legal settlement. 
• Camps & Clinics – Hosting or working at athletic training events. 
• Merchandise Sales – Selling personal or co-branded merchandise. 
• Content Creation – Monetizing YouTube, podcasts, or other media channels.

Transfer Portal, Competitive Balance, and Fan Engagement

Roster turnover in college sports is more fluid than ever, in large part because of the NCAA’s transfer portal, which lets athletes switch schools and retain eligibility. Recent rule changes allow a one-time transfer without sitting out a season. Combined with the growing flow of money from NIL deals and booster-funded offers, the portal has become a powerful tool for recruiting top talent away from other programs. This shift can tilt the competitive balance toward schools with deeper financial resources, leaving smaller programs at a disadvantage and reshaping traditional rivalries.

Adam Fein warns that the trend could undermine the continuity that fuels fan loyalty. “If players are moving to different teams each year like a commodity you can buy off the shelf, that isn’t really in the best interest of the game,” he says. “If the fans and alumni start losing interest because the product is not consistent, then you’re biting the hand that feeds you.”

Fein also raises the possibility that private equity could set up a minor league for the NFL or NBA as a professional-style alternative to the NCAA system. “Do we want a situation where you don’t even need the colleges anymore?” he asks.

In basketball, similar paths already exist through overseas leagues or semi-pro developmental programs. A comparable model in football could give young athletes a way to bypass college altogether.

Joseph Palumbo adds: “If too much money gets into college football, it could really get out of control. Which would ruin a rich 150-year tradition.”

Protecting Non-Revenue Sports

As more money flows into football and men’s basketball, other collegiate sports face growing pressure on their budgets. Non-revenue sports — those that don’t generate significant ticket sales or media contracts — are often first on the chopping block when athletic departments look to cut costs.

Non-revenue programs are a vital part of the college athletics landscape. They provide competitive opportunities for thousands of athletes and play a central role in the growth of women’s athletics. They also build alumni engagement and continue traditions that are a key part of a school’s identity.

These sports also serve as a pathway to higher education for many, offering scholarships that can make college possible for students who might not otherwise attend. Across NCAA Division I and II schools, athletic scholarships total roughly $4 billion annually, benefiting over 196,000 student-athletes each year.

With athletic departments under pressure to direct enormous amounts of money towards football and men’s basketball, other programs face a greater risk of funding cuts or even being eliminated altogether. The executive order seeks to counter this trend by requiring larger athletic departments to maintain or increase scholarships and roster spots for these sports.

As Adam Fein explains, “It’s good that we’re getting more eyes on the fact that some new regulations need to be in place… making sure that non-revenue sports are still funded as well.”

Potential Ripple Effects in the Coming Years

The Saving College Sports executive order could spur lawmakers to pursue a single national NIL standard, replacing the patchwork of state laws that currently set their own limits on athlete compensation. As Adam Fein notes, “Some states have different rules around this – national rules in place could even the playing field across different programs and universities.”

For example, some states like Arkansas currently permit schools and boosters to be directly involved in arranging NIL agreements, while other states restrict or prohibit that level of participation.

Both Fein and Joseph Palumbo caution that lasting change will likely require congressional action or court rulings. Key questions include how regulators will define “fair-market value” for NIL agreements and how they will enforce limits on third-party pay-for-play. Legal experts have also raised the possibility of court challenges to the federal government’s authority in this area. The order’s future impact may also depend on how it intersects with measures like the pending SCORE Act, which seeks to establish nationwide NIL guidelines.

For athletes, that means the rules shaping future opportunities could evolve considerably, but the scope and timing of those changes are far from certain.

Ready to make the most of your athletic opportunities? Talk to a sports management advisor at EP Wealth today.

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