Top five On3 NIL Valuations in Oregon, Washington showdown

Saturday afternoon in Seattle has all the makings of an instant classic. Oregon and Washington are both ranked in the top 10, sitting undefeated at the Week 7 mark of the season.

Whoever escapes with the win will be well-positioned for a run at the Pac-12 title and a College Football Playoff berth.

Past the postseason ramifications, it’s a matchup of two of the top Heisman contenders. Bo Nix and Michael Penix are each viewed as favorites for college football’s top award. A strong performance Saturday could be the difference maker. Both have capitalized with impressive NIL portfolios.

On3 is breaking down the top-five On3 NIL Valuations ahead of Saturday’s afternoon Oregon-Washington matchup:

Bo Nix — Oregon

On3 NIL Valuation: $1.4 million
Social media followers: 219K
Position: Quarterback

The Bo Nix Heisman campaign has stretched to all corners of college football. Before the Oregon quarterback even played a snap this season, billboards were put up in New York City and Dallas. A full-page ad in the New York Times. And on every edition of “College GameDay” this year, multiple “Bo-Dacious” signs have appeared. “Bo-Dacious” T-shirts have been made and released by Ducks of a Feather, the apparel line of the Oregon-driven NIL collective Division Street. All merchandise is created by Nike, with profits going back to Oregon athletes.

The quarterback also has a preexisting contract with Division Street and Ducks of Feather, which sources have said pay in the seven figures. And on Saturday in Seattle, he has another platform to deliver and make Heisman waves.

Through five games this season, Nix has delivered on the preseason Heisman hype. The former Auburn transfer has an 80.4% completion percentage, passing for 1,459 yards and 15 touchdowns. He’s only been picked off once. The former five-star prospect recently signed with 7-Eleven. He signed his first car deal last month, partnering with Kendall Auto Group. As part of the agreement, he received a new Toyota SUV.

Michael Penix — Washington

On3 NIL Valuation: $1.3 million
Social media followers: 51K
Position: Quarterback

Finishing eighth in Heisman voting last season, Michael Penix returned for a final year at Washington. The quarterback has emerged as a real threat to win college football’s top award through the first seven weeks of the season, with 16 touchdowns and 1,999 passing yards. He’s only thrown two interceptions, too. 

In his first year in Seattle, the 2022 AP Comeback Player of the Year was the nation’s leader in passing yards per game and second in passing yards, with 4,641, setting a new UW single-season record. Penix will face the nation’s sixth-ranked defense on Saturday.

The decision to return for a final season has been a smart move for his marketability, too. Repped by CAA and Reggie Johnson, he’s found plenty of NIL opportunities. By far his biggest agreement yet has come with adidas, which made its first major step in college football this month. The sneaker giant signed Penix earlier this month. Since UW is an adidas school, the quarterback can easily promote the three stripes. Adidas has really started to ramp up its NIL activity in the last 18 months, launching a nationwide ambassador program and signing a handful of basketball players.

The former Indiana transfer signed an exclusive, multi-year NIL deal with Panini America in September. He also re-signed with the retail clothing brand Simply Seattle, and he was alo one of 15 college football players selected in the inaugural “Beats Elite” class.

The quarterback previously signed a long-term agreement with the Washington-focused NIL collective Montlake Futures, too. His on-field success has assisted his social media following, too, which has soared to more than 51,000.

Ajani Cornelius — Oregon

On3 NIL Valuation: $718,000
Social media followers: 5,700
Position: Offensive Tackle

 Ajani Cornelius started each of the past two seasons at right tackle for Rhode Island and was one of the hottest transfer commodities on the market. The 6-foot-5, 310-pound offensive tackle was a first-team All-Colonial pick last season. The Ducks had a vacancy at right tackle and Cornelius has filled it. Cornelius is one of two key offensive line transfers for the Ducks, who also reeled in guard Junior Angilau (a three-year starter at Texas who missed 2022 with an injury). Cornelius has already played 300 snaps this season and has yet to allow a sack, according to Pro Football Focus. 

Oregon will have the offensive tackle for at least another season; he isn’t eligible for the NFL draft until 2025. Dan Lanning has called Cornelius a “professional.” Since getting on campus this spring, he’s signed NIL deals with the collectives Ducks Rising and Division Street. He dropped limited edition trading cards with Card Stock Exchange last month.

Bucky Irving — Oregon

On3 NIL Valuation: $675,000
Social media followers: 312,000
Position: Running Back

After an impressive sophomore season for Oregon, Bucky Irving has emerged as one of the nation’s top running backs. He appeared on a number of preseason national lists after earning Pac-12 All-Conference honorable mention a year ago. The running back will need to average roughly 86 yards in the last seven games of the season to surpass the 1,000-yard mark for the second consecutive season. He’s carried the ball 50 times for 393 yards, scoring four touchdowns and averaging 7.9 yards per carry. Irving has emerged as a threat in the passing game, too, with 18 catches for 137 yards.

The former Minnesota transfer has another major opportunity Saturday to piece together a big game against a Washington defensive front that is allowing just 121.6 yards per game on the ground. With nearly 300,000 followers, he has a great social media following to market to brands. While he publicly hasn’t announced many NIL agreements, he has a website filled with merchandise. 

Rome Odunze — Washington

On3 NIL Valuation: $644,000
Social media followers: 12,900
Position: Wide Receiver

 Rome Odunze also got in on the adidas deal with Michael Penix. The quarterback-wide receiver duo are one of the most lethal combinations in college football this season. The third-year wideout put together a 1,000-yard campaign last year. Through five games in 2023, he’s tallied 32 catches for 608 yards and four touchdowns.

The 608 receiving yards rank 10th in the nation, too. Adding Penix and Odunze was a smart move for adidas. Washington is 5-0 and ranked No. 7 in the nation in the most recent AP poll. A win on Saturday could have the Huskies poised to crash the party and make the College Football Playoff this year. Odunze also has his own exclusive NIL deal with Panini America.

About the On3 NIL Valuation

The On3 NIL Valuation is the industry’s leading index that sets the standard market NIL value for high school and college athletes. A proprietary algorithm, the On3 NIL Valuation calculates an athlete’s NIL value using dynamic data points targeting three primary categories: performance, influence and exposure.

About On3 NIL Valuation, Brand Value, Roster Value

While the algorithm includes deal data, it does not act as a tracker of the value of NIL deals athletes have completed to date, nor does it set an athlete’s NIL valuation for their entire career.

The On3 NIL Valuation accounts for an athlete’s roster value and brand value. Roster value is the value an athlete has by being a member of his or her team at his or her school, which factors into the role of NIL collectives. Brand value factors in an athlete’s personal brand and the value it could bring to regional and national brands outside of the scope of NIL collectives.