Black Student-Athlete Summit stresses need for financial literacy

One day after the NCAA and power conferences approved settlement terms in the landmark House case, more than 1,500 student-athletes, university professionals and industry leaders gathered on USC’s campus for the Black Student-Athlete Summit.

The four-day event provided the first large-scale snapshot of what a large sampling of individuals view as the most consequential top-of-mind issues as the industry hurdles toward a historic revenue-sharing model. 

Among the most critical issues discussed? 

The need to improve financial literacy among athletes. At a time when NIL is approaching its third birthday and schools as soon as 15 months can begin sharing $22 million annually with athletes, financial literacy is no longer optional.

“Let me say this, the schools can offer a whole bunch of stuff, but if the kids don’t take advantage of it, there’s nothing we can do,” said Dr. Leonard Moore, the BSAS founder and a longtime University of Texas professor. “I have ADs tell me, ‘Leonard, you say they want this, this and this. We offer it; they don’t show up.’ And so, then the question is – whose responsibility is that?”

The summit featured a wide swath of speakers, including former NBA all-star Baron Davis, ESPN host and WNBA All-Star Chiney Ogwumike, 2020 Olympic silver medalist Teahna Daniels and Director of Scouting & Player Relations at USC Jeff Martin.

Partnering with BSAS for the third consecutive year was Playfly Sports, whose backing entailed brand sponsorships, recruitment opportunities and programming support. That included an interactive segment called “Invesco QQQ’s How Not to Suck at Money: A Financial Education Conversation.”

Craig Sloan, president of Playfly, said the student-athlete is at the center of what the company does in working with partners. 

“Most of the things that we support, though, to be honest with you, we don’t get to see the fruits or the actual activation come to life,” Sloan told On3. “To see it come to life and see the impact that it’s actually making firsthand has really been tremendous for us. So this was a no-brainer of a partnership for us.”

Will athletes get seat at negotiating table?

Other summit topics included conference realignment, mental health among Black student-athletes and how best to navigate the ever-evolving NIL space. 

Jillian Forbes, Director, Client Strategy & Partnerships for Playfly, said a point of emphasis was how to take the NIL skills you learn in your college athlete experience into the real world as a business.

“How to make it a business opportunity for yourself – not a one-and-done paycheck,” Forbes told On3.

Seismic change abounds in college sports. But at the moment, athletes do not have a seat at the table to negotiate their compensation or benefits. Collective bargaining is a bridge the industry’s administrative class is not willing to cross.

Moore said there is currently a table seat for athletes but that it is small – noting that the Division I Student-Athlete Advisory Committee is predominantly staffed with athletes from Olympic sports.

Moore also asked the athletes how many could provide the names of three individuals on campus who don’t work in athletics who could write them a letter of recommendation. Less than 5% of the hands went up.

“What we’ve got to do from a Black community standpoint is get these kids out of the bubble,” Moore said. “Serving on the SAAC isn’t cool, in their minds, because they see a bunch of swimmers and tennis players serving on it. I’m like, ‘No, that is where change gets made.’

“That is just part of the broader problem of getting them out of the [athletic] facility, getting them out of online classes and helping integrate them into the larger scope of the institution.”