Big 12’s PayPal and Venmo deal reshapes NIL, sets new standard for athlete payments
FRISCO, Texas — The Big 12 Conference is stepping into uncharted territory in the evolving landscape of name, image and likeness (NIL) with its landmark partnership with PayPal and Venmo — a move Commissioner Brett Yormark says will forever change how college athletes receive revenue-sharing and NIL payments.
Yormark during Big 12 Media Day described the official partnership with PayPal and Venmo as both a safeguard and a springboard for student-athletes looking to grow their personal brands responsibly in the new era of college sports.
“We're truly excited. We needed to ensure that when we're moving money, we do it in the most secure, safe way possible. No one is better than PayPal, Venmo,” Yormark said.
Under this agreement, Big 12 athletes can now receive revenue-sharing and NIL-related payments through PayPal’s hyper wallet system — which Yormark confirmed was already tested by West Virginia this month on July 1st. PayPal’s proven global reach, processing 25% of global e-commerce transactions, made the company a natural choice to handle athlete payments at a time when the NCAA’s financial model is rapidly transforming.
Yormark emphasized that the new age of college athlete compensation must include clear guardrails and strict enforcement.
“You know, the new age of collegiate athletics is an equalizer,” Yormark said. “It does create a level playing field, in theory. Now it will be all about enforcement, but I think it gives every school, every student-athlete, a chance to dream big, to win championships and do the things they're built to do.”
For PayPal and Venmo, the NIL partnership highlights the trust student-athletes need when managing new streams of income.
“PayPal has been around for 25-plus years now. We process 25% of the global e-commerce market. That is trillions of dollars,” said PayPal CMO Geoff Seeley. “So if there’s one thing that we know how to do, it’s to make payments happen safely and securely.”
College athletes, like TCU women’s basketball player Olivia Miles, say having secure, easy access to their NIL money impacts everything from everyday purchases to major career decisions. Miles, who recently chose to transfer to a Big 12 program rather than enter the WNBA draft, said NIL was a big reason she stayed.
“I think it's just a seamless transaction, whether it's everyday items or bigger transactions,” Miles said. “NIL provided a lot more financial stability for me, and that's why I ultimately decided to stay in college and do one more year, just because of the opportunities that it brought.”
Arizona State quarterback Sam Leavitt agreed that the Big 12 NIL partnership with PayPal and Venmo makes it easier for athletes to build their brands while feeling financially secure.
“I mean, it's changed everything, honestly,” Leavitt said. “Like Olivia said, you’re able to start building who you are, the brand that you build. To support people you know, in a great company and a household name like Venmo and PayPal, to be a part of that is pretty special.”
Still, this new Big 12 NIL revenue-sharing era brings new legal and tax challenges for universities. Schools must ensure contracts, reporting and withholding are done correctly as they navigate third-party settlement organization (TPSO) rules and athlete income tax requirements.
Yormark said the Big 12 is committed to clear rules and fair enforcement. “It needs to be done appropriately, and under this new model, we're going to make sure it does,” he said. “We bet on people, not places, and we’ve bet on the right partner here.”
The Big 12’s PayPal and Venmo deal signals the future: NIL payments made easier and safer for student-athletes — and a college sports landscape that may never look the same.