The Demise of Student Athlete NIL: A Case Study in the Fragility of Third-Party Collectives 

On October 2, 2025, Sports Business Journal reported that Student Athlete NIL (SANIL), one of the nation’s largest operators of third-party “collectives,” will cease operations (Sports Business Journal, 2025). This announcement is emblematic of the turbulence reshaping the NIL marketplace in the wake of the House v. NCAA settlement and the formalization of revenue-sharing mechanisms between institutions and athletes.