The University of Richmond announced Friday that Spider Athletics will begin to directly pay men's and women's basketball student-athletes for the use of their name, image, and likeness in the 2025-26 school year.
This announcement came following the House v. NCAA settlement on Feb. 12, 2025, which allowed for institutions to “provide significant financial payments to athletes beyond those previously permitted.” The cap for the initial year will be $20.5 million per institution.
John Hardt, Vice President and Director of Athletics, is optimistic that payments for athletes will allow the program to grow and prosper.
"This decision is essential to maintaining Richmond's status as a top-tier men's and women's basketball program in the Atlantic 10 and continuing Spider Athletics' tradition of competitive excellence at the highest possible level," Hardt said in a press release. "Opting in to the terms of the settlement is the best way to preserve Richmond's ability to offer Spiders unparalleled opportunities to grow, learn, lead, and succeed."
The Settlement also limits the number of athletes on the roster for teams. The women’s basketball team had 15 players on the roster, but the men’s team currently has 17. The roster limitations will apply to all teams on campus.
Student-athletes on other teams will continue to be eligible to receive external NIL income subject to NCAA rules. Spider Athletics said that it will continue to aid athletes in their effort. However, as of now, only the basketball program will receive direct payments.
According to Spider Athletics, all payments will be sourced from philanthropy and additional Athletics department revenues.
The settlement additionally permitted institutions to facilitate NIL deals for athletes with third parties and payments and additional benefits for “benefits commonly labeled as ‘athlete revenue-sharing’ by media.”
The settlement will receive final judicial approval on April 7, with implementation as early as July 1.
Contact sports editor Abigail Finney at abigail.finney@richmond.edu
Enjoy what you're reading?
Signup for our newsletter
Support independent student media
You can make a tax-deductible donation by clicking the button below, which takes you to our secure PayPal account. The page is set up to receive contributions in whatever amount you designate. We look forward to using the money we raise to further our mission of providing honest and accurate information to students, faculty, staff, alumni and others in the general public.
Donate NowRead More
Spiders take Flyers to the wire, fall in double overtime
By Scott Valentine | 16 hours ago