What is NIL and what does a NIL Collective mean? 

The NIL is defined by the NCAA as “any activity that involves the commercial use of an individual’s name, image or likeness to advertise or endorse the sale or use of a product or service.” (NCAA, 2024a). This describes all the different ways a student-athlete can make money outside of grant-in-aid while staying eligible per NCAA rules.  A collective is a group of individuals that create and fund athletic programs. Further, they open this way of funding to the public to allow them to support their favorite university. Down below explains more in-depth using the University of Arkansas.