The committee at any time and i recognize myself or my Opening Statement. Welcome to todays hearing which will focus on the impact of the ncaa name, image and likeness policy across the College Athletics. I would like to thank all our witnesses here today for their time as we discussed this potential issue. For the first one to 15 years of the ncaa government of a College Sports the individual College Athletes had no legal rights turn a profit from their athletic performance was entitled to nothing gun room and board, meals and education. In 2021 after a series of court cases force the ncaa to change the policies College Athletics rod to monetize their name, image and likeness overnight without affecting their playing eligibility resulting sanctions against that university. We are still the early years of this new era. He think is important to take a look at the positive and negative consequences of the drastic change in policy. We will start the obvious good. Student athletes cannot profit during their time playing College Sports. Roughly 480,000 student athletes fewer than 2 go on to play professional sports the first full year of an il there is almost 1 billion in deals made. An il has opened fantastic new opportunities for entrepreneurs who look for different avenues department big and Small Businesses. Not only allows them to earn money allows some valuable business they can utilize after a time playing College Sports. Weatherbeaten negotiating contracts, navigating regulations are being exposed by paying taxes for the very first time all of these skills are extremely valuable as we build up a new generation of entrepreneurs. Additionally Small Businesses have been abs utilize the student athletes is a new way to market their business. We often hear about highprofile athletes with their massive deals this is not the norm. Many of the deals are made between all business in the community and athletes that do not have that National Presence for this symbolic relationship help strengthen the bonds that tie together many of the college towns. A lot of good has come from these changes for athletics is not come without some negative repercussions. Since there is no uniform set of regulations individual states and passing their own rules governing the universities. This patchwork approach is bring all colleges and students who compete in different states in awkward position choosing to comply with the state law ncaa guidelines or regulations might be conflicting from what we have two Athletic Directors here today that understand the complexity forcing the universities at their students to navigate double shine some light what will happen if we continue the overreaching set of rules and regulations that everyone follows. Additionally with so much money changing hands or has been an increased number of bad actors looking to take advantage of these high school and College Athletes. Nbc news conducted an investigation they reviewed dozens of nil contracts offered to high school athletes. They described the deals as exploitive, which commissions upwards of 40 of all complex fleas feet structures meant to confuse the athlete. In one instance the contract was put in front of the student for simply 100,000 loan i am aware of other federal government will step into stocks in the event actors i think its important to bring attention to the site of the issues they can use real damage been done to these kids on promises are being made but not capped. Without transparencies to run re deals its hard to know who is truly working the best interest of the student athlete. I played College Athletics myself and take this issue very personally. When i was in college i received 10 a month that was called laundry many. The anchoring system has changed its open the door for many positive developments for student athletes. I am passionate about keeping system functioning for generations. The students about to experience what it means to truly be a student athlete. There are many reasons for having this hearing but i want to list a few. I want to know how we can inspire student athletes to utilize the skills they learn navigating nil to start their own Small Business. I want to hear about the best practices universities are going to teach the student athletes everything they need to know to take advantage of the amazing opportunity that was not available for millions of athletes that came before them. I want to discuss the appropriate role for the ncaa moving forward. I want to know how collectives are helping student athletes and allowing the schools to compete. I want to know how nonrevenue generating sports will fare if all money gets funneled to sports that make money. I want to know if olympic and women sports are going to be negatively affected and for priy revenuesharing models are implemented i want to understand how the changes are affecting Graduation Rates of student athletes are costly changing schools in search of the largest and il deal. And i want to know how smart market schools will fare if their cost to have their players lured away by nil deals. I want to know what we can do to stop predatory agents and bad actors from taking advantage of student athletes. Finally i want to know the appropriate role the federal government should play if it all in all of this. I greatly look forward to todays discussion i hope we will bring to light the different challenges and opportunities presented by the and il. My hope all nil policy changes are beneficial for student athletes above all else. Before i yield to Ranking Member elect to submit an oped for cruz on this issue and into the record. Without objections ordered. I also asking alms consent to waive representative and seven for an opening same without objection pickwick sort of records that i yield to distinguish Ranking Member from new york for her Opening Statement pickwick thank you, mr. Chairman. The success of Americas College students has been top of mind ever since i began teaching courses at Newark College many years ago. The ncaa 2021 position to allow College Athletes to make a living off their own name image and likeness or nil was welcome news. College athletes from underserved communities even with modest deals could finally begin building savings and generational wealth. Many players had a way to cover rent and living costs. But in recent years the growth of the multi milliondollar collegiate athletic market has raised questions about the way our society creates our College Athletes. Stakeholders from across the political spectrum have voiced concerns about gender and equity, predatory practices and the patchwork of computing regulations. I am concerned with the growing trend of collectives during the largest deals to the top athletes and football in mens basketball. The collectives often closely coordinate with individual schools could undermine the gender equity progress made by title ix and allow the collectives to shortchange our women athletes. This hastily drafted it thrown College Athletes into the First Business experience. But to protect them it is critical these students be wellequipped with the resources, knowhow and a stable environment to succeed and build strong brands. Otherwise we run the risk of distracting our students from their education and endangering their financial wellbeing. Today is our chance soon about the opportunities and risk name image and likeness have created. We can understand how to best support them. I look forward to hearing the testimony and with that mr. Chairman i yield back. Thank you very much i know it recognizes representative mike carey from the great state of ohio for his remarks triggers want to thank the german think the Ranking Member forgive me this opportunity to make remarks. Nil its extremely important issue. I appreciate the Small Business committee for this very important hearing. Thank you to the witnesses for your time today. We have an impressive lineup of witnesses that includes gene smith is a good friend of mine is on a tremendous job leading the ohio state Athletic Department. For the past 18 years. As some of you know hes announced his retirement although we are sorry to see you go. I like to congratulate you on an incredible career. Being from columbus, ohio which is the home of the ohio State University, i have taken great interest in the implementation of nil in College Sports. Leading me along with my dear friend and fellow ohio Greg Landsman the student acts. In addition to earning money to help support themselves and their families, and il allow student athletes to learn about personal finance, marketing, taxes, and business in general. All of the Lessons Learned through nil will supplement their learning in the classroom and will help set them up for life after college. This is not to say there are problems with the current state of the and il. Without the proper education, guidance, there is potential for student athletes to be taken advantage of. And by no means am i saying predatory practices are commonplace in the and il. It would be disingenuous to say theyre not existent. Another problem is that numerous states have implemented conflicting and il laws therefore making the landscape for the and il hard to navigate for both the universities as well as our students. Congress needs to pass legislation that will create a federal standard for nil focus on protecting the recruitment process, increasing transparency in the marketplace and implementing Enforcement Mechanisms against those bad actors. This legislation, my legislation and Greg Landsman. This would include the prohibition of inducements a registration requirement for agents, congressional oversight the establishment of a clearinghouse for nil deals to be uploaded. I look forward to working with my colleagues on passing legislation that would create one federal standards even the Playing Field, protect our student athletes in the future of all College Athletics. I feel confident in a bipartisan way the house will be able to pass nil legislations congress. I just want to thank you for waking me on the committee today. And for holding this important hearing. Mr. Chairman, Ranking Member i yield back. Thank you congressman. I will now introduce our witnesses. Our first witness here with us today is Jeremiah Donati. He is the director of Intercollegiate Athletics at Texas Christian University located in fort worth, texas but i do have the 202223 season was a most successful and tcu won her 50 year history. The only school to make it to College Football playoffs National Title game College World series ncaa basketball tournament in the same academic year. These are the most highprofile sports tc also saw success in a number of other sports with mens tennis, equestrian, Beach Volleyball rank number one of the nation over the course of the year. Price important director of inter College Athletics at pcu, he served as the horned frog deputy Athletic Director to attend the university of puget sound energys bachelor of arts in politics and government. Attendant Whittier Law School where he earned his jurisprudence in sports and entertainment. Mr. Jeremiah donati thank you for being here with us with a four to hear from you. Next witness is mr. Gene smith from a School Called the school i dont understand that. [laughter] but emulate mr. Smith is a Senior Vice PresidentAthletic Director at ohio State University. Mr. Smith is the eighth Athletic Director in ohio state history and it said the Third Largest tenure having served in the position since 2005 being promoted to Senior Vice President and foundation Athletic Director in may of 2016. During his time as ohio state isnt Athletic Director i was State University and eastern michigan university. Mr. Smith also serves ncaa working group comes on the board of directors the National Football foundation among others. Mr. Smith was a College Athlete himself attended the university of notre dame he received his bachelor degree in Business Administration at mr. Smith, thank you for joining us today look forward to the conversation ahead. Our next witness here with us today is mr. Jeremiah donati is Heisman Trophy when it twotime National Champion as well as a member of the College Football hall of fame. Attended the university of miami he played for the mammy hurricanes Football Team winning the National Champion ship in 1989. As well as a 1991. He then went on to win the Heisman Trophy in 1992. After time attended the university of miami he played for several teams in the nfl quoted minnesota vikings, detroit lions, seattle seahawks. Following sampling for the nfl he joined the securities as a senior Financial Advisor and is chairman ceo of touchdown radio. Graduated university of amite Business College association. Is an attorney and College Athlete advocate in her College Years she played lacrosse for Duke University and her first year ranked number six nationwide by inside lacrosse. However her College Career involved many battles with injuries, resulting in three neat surgeries. These challenges gave her a deep understanding of the difficult mental and emotional issues many College Athletes endure. She also chairs Ncaa Division one athletes and committee serving on rules, legislative and leadership. Her tireless advocacy led the granting of voting power for College Athletes at all levels ncaa. As an attorney she has represented College Athletes on matters related to athletic eligibility, scholarship appeals, abuse, transfer and Mental Health issues. She holds a bachelors degree in Public Policy from Duke University and a doctorate from the university of North Carolina of law. Welcome and thank you. Thank you. We appreciate all of you being here today. So before recognizing the witnesses i would like to remind the oral testimony is restricted to five minutes in length. If you see the light turn in front of you it means youre five minutes are completed you should wrap up your time. Without a now recognize Jeremiah Donati for his fiveminute opening remarks. Chairman williams, Ranking Member and recommends the committee thank you for allowing me too be here today. Someone who is passionate about College Athletics and the opportunity to positively impact on peoples lives it is an honor to testify before you in a time of great change in our industry. Not since the creation and implementation of title ix over 50 years ago have we seen such changes of this magnitude. It is my hope and the expenses i can draw from will be helpful to collectively Seek Solutions a very complicated issues in front of us. Much larger than nil pref over 15 years of expense working in College Athletics and have been the athletics director for the past six years. I also of experience working in the Sports Agency business representing the interests of professional athletes and coaches. I believe these experiences have given me a unique perspective on many aspects of our business especially nil. The concept of lu