Syracuse Basketball: 'Zero concerns' about Vegas tourney with millions in NIL payouts

Syracuse basketball is set to play in a Las Vegas-based event held in 2025 that would provide participating schools with millions of dollars in name, image and likeness ("NIL") payouts.

An article earlier this week from Daniel Libit of Sportico noted a memo circulated by the NCAA that seems to imply that this tournament could prove problematic, with Libit writing that this memo may "cast doubt upon" this multiple-team event ("MTE").

The 2024 version of this tourney, known as the "Players Era Festival," is scheduled for November 26 to November 29 in Las Vegas, with each of the eight teams suiting up landing a $1 million payout to their respective NIL collective.

As I first reported in early May, the 'Cuse had finalized a deal to compete in this event in 2025, with SU Athletics' preferred collective being Orange United, which launched nearly a year ago and is operated by the Atlanta-based Student Athlete NIL ("SANIL").

SANIL, I've noted in several columns, helped facilitate the deal on behalf of Orange United and Syracuse basketball for the 'Cuse to participate in the Players Era Festival in 2025.

Regarding the Sportico report and the NCAA's memo, a source directly familiar with Orange United and Syracuse basketball's agreement to play in the Players Era Festival next year said: "Zero concerns. Everything is on track."

Syracuse basketball is set to play in a Las Vegas event in 2025 with lucrative NIL payouts.

Per Libit, the eight-team field for the 2024 Players Era Festival includes Alabama, Houston, Creighton, San Diego State, Texas A&M, Rutgers, Notre Dame and Oregon. He reports that in 2025, the event eyes an expansion to "at least 18 teams," with commitments so far from Syracuse basketball, Gonzaga, Michigan, St. John's and Saint Joseph's.

Regarding its memo, according to the Sportico article, Libit writes: "the NCAA reiterated that its bylaws make it 'impermissible' for athletes to receive NIL money in exchange for participating in an MTE, even if that money is first routed through a collective. EverWonder, which previously has said it’s been working with the NCAA, has sought to distinguish the money it is paying to collectives as being tied to athlete 'NIL opportunities' with 'sponsors outside of competition.'"

Per Libit, the Players Era Festival is a joint production of the New York-based EverWonder Studio and Seth Berger, who is the co-founder and CEO of footwear and clothing company AND1, as well as the head coach of the boys basketball squad at the Westtown School in West Chester, Pa.

According to various reports in recent months, players on the participating teams at this event would be required to make public appearances and be involved in endorsement, marketing and sponsorship activities.

Some reports have also stated that while each squad competing in the tournament would receive a $1 million payout to their respective NIL collective, an additional large payout could also be rewarded to the winner or winners of the Players Era Festival.

Reports say that the 2024 event would consist of two separate, four-team MTE's. As Libit noted, the NCAA's memo did state, "Even if the MTE is structured in such a way (e.g., divisions/brackets) in which two teams from the same conference will not play each other, two teams from the same conference may not participate in the same MTE."

I'll continue to track how this all shakes out. My source had no concerns about the viability of the Players Era Festival, despite the NCAA's memo, and it looks like Syracuse basketball is a go for this event in 2025.

It's a tremendous opportunity for the Orange and other participating squads, both financially and in overall exposure. As some folks lamented on social media, it's a shame that the NCAA can't get out of its own way when it comes to the Players Era Festival and many other things.