From Envelopes to Endorsements
By Jaron Baston, Commissioner, LAW Fund
The Evolution of Booster Culture and the Business of NIL
Introduction
There was a time when an athlete's relationship with a donor was discreet, transactional, and, at times, dangerous. An envelope passed hand-to-hand was both a gift and a leash—an unspoken agreement that came with consequences if performance faltered.
In the shadows of stadium lights, athletes navigated a world where compensation was hidden, loyalty was expected, and silence was mandatory. A booster wasn’t just a benefactor—they were a quiet power broker, operating without oversight.
Today, everything has changed. And yet, in some ways, nothing has.
From Under-the-Table to On-the-Books
In 2021, the NCAA’s shift on Name, Image, and Likeness (NIL) regulation opened the floodgates. Donors, alumni, and brands entered the conversation openly, no longer limited by backdoor deals or institutional fear. The same boosters who once operated in the shadows are now headlining collectives, funding endorsements, and fronting million-dollar opportunities—legally.
But legality doesn’t always equal clarity. And access to money doesn’t guarantee access to legacy.
For many athletes, today’s NIL era feels like newfound freedom. But without structure, that freedom is temporary.
A Modern Power Dynamic
What was once an informal envelope is now a formal agreement. But the dynamic remains familiar:
- Athletes receive short-term capital.
- Donors gain influence, visibility, and brand alignment.
- Structure is often missing.
At its core, NIL has created a new arena, but many athletes are still showing up without playbooks. They’re signing checks without trusts. Launching brands without LLCs. Accepting endorsements without understanding the tax implications or long-term costs of unstructured income.
A six-figure deal doesn’t make you wealthy. A system does.
The Rise of the NIL Builder
LAW Fund was founded to address this exact tension: to turn short-term capital into multi-generational infrastructure.
Today’s athlete isn’t just a competitor—they are a brand, a business, and a future fund. What they need isn’t another endorsement. What they deserve is equity.
We provide athletes with a vertically integrated system of education, trust design, and capital structuring—powered by partnerships with institutions like Northwestern Mutual. Our model does not end with the deal. It begins with it.
From Donors to Co-Architects
The role of the donor has evolved. No longer just financiers of scholarships or locker rooms, today’s alumni can serve as partners in structured ownership.
Through policy-backed LLCs, trust-aligned investments, and long-term estate planning, donors can help athletes build, not just consume.
This is not about gifting income—it’s about catalyzing equity.
Structure Is the New Sponsorship
LAW Fund offers athletes more than access—it provides governance.
- We convert PLI and DIA policies into borrowing power.
- We structure athlete-owned LLCs that house brand licensing rights.
- We deploy capital into real estate, e-commerce, and cash-flowing ventures.
- We create the legal and financial scaffolding that wealth lives within.
This is how a $100,000 deal becomes a $1,000,000 estate.
Conclusion: A Deal Without Structure Is Just a Distraction
The NIL era will create millionaires. However, only those who operate with discipline and design will stay that way.
Boosters are no longer just supporters—they are stakeholders. But the most powerful investment isn’t what they give—it’s how it’s structured.
Jaron Baston
LAW Fund exists to ensure that the structure circulates and wealth is protected. And that every deal an athlete signs is backed by strategy, not just sentiment.