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URI Basketball PHOTO: GoLocal
For the first time in school history, the University of Rhode Island will be paying athletes to play with school funds. For years, the NCAA was adamantly opposed to “Pay to play,” but it is now permitted as a result of the settlements of the antitrust lawsuits known as the “House Settlement”.
College athletes have generated billions of dollars for institutions of higher learning, and they are now entitled to a share of this revenue. In response to this development, URI Athletic Director Thorr Bjorn said, “URI is embracing the new developments in college athletics. It is significant that the university and athletic department have made a commitment to our athletes by providing direct funding in addition to scholarships.”
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Pay-to-play amounts will vary greatly from school to school
The annual revenue sharing amount per school is capped at $21 million. This amount is driven by the major power conferences, which have billion-dollar football and Bowl game media contracts. These schools will pay out the full $21 million, with, in most cases, 85% of the money going to football players, 15% to men’s basketball players, 5% to women’s basketball players, and 5% to other athletes.
The URI athletic budget, including scholarships, salaries, and operating expenses, totals only $30 million; therefore, the direct payment from university funds to athletes will be modest, but it is a start. These dollars will be combined with private donations and NIL money, and according to Thorr, “Will put URI in a very competitive position in the A-10.”
Men’s and women’s basketball players will get most of the money
Bjorn would not disclose the amount of the payments, citing federal student privacy laws and the desire for confidentiality from competitors in the A-10. Bjorn disclosed that payments to athletes from NIL and self-generated revenue will be distributed to both men’s and women’s basketball players, as well as a small number of football players.
Student-athletes receiving payments will be required to sign a contract and will receive an IRS 1099 tax form.
URI Collective dissolved
The University of Rhode Island NIL collective, known as Rhody Excellence, has been dissolved, with its duties and functions now being handled by the URI Foundation.
Tom Ryan, the former Chair of Rhody Excellence and major supporter of URI, said, “It is a dynamic time for college athletics. The recent settlement of the antitrust cases and the new NCAA rules resulting from that bring further and substantial changes. Our efforts are better served by folding the activities of the collective into the URI Foundation, which is readily equipped to handle this and is doing a spectacular job.”
URI Foundation
Established in 1957, the URI Foundation’s mission has evolved over time and is now responsible for all URI fundraising activities and alumni engagement. The Foundation, located on campus, is an independent, nonprofit 501(c)(3) corporation affiliated with the University.
Mark Antonucci, CEO of the URI Foundation, said, “Raising money, building awareness, and engagement are at the core of our mission. So, this work for the athletic department will fit in seamlessly.” Antonucci further pointed out, “Donations which flow through the URI Foundation, and ultimately go to student athletes, will now be tax-deductible.”
Rhody Excellence was paying a third party to handle the bookkeeping, accounting, and other back-room requirements of the collective. Moving to the URI Foundation will avoid this expense as the Foundation can perform these duties in-house. The athletic department will handle all compliance matters related to NIL.
Miller supports the move
Coach Archie Miller supports the move of the collective to the URI Foundation and said, “I am very happy with the support and resources the men’s basketball team has been provided.”
The basketball team begins its season on November 3rd with a home game against Stetson University. It will be interesting to see if these changes and resources translate to more victories on the court.
James Malachowski is the former Chairman/Managing Partner at RDW Group. He previously served as the chair of the Public Utilities Commission. He is a graduate of URI and PC.
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