One of the newest and fastest-growing NIL (Name, Image and Likeness) revenue streams involves one of the oldest hobbies in the sports world.
Trading cards — often generically referred to as baseball cards — have been around since the 1800s in various forms, including cigarette and bubble-gum cards. Almost always, those cards featured professional athletes.
But that has changed dramatically with the rise of NIL. In recent years, trading card companies have been shelling out millions of NIL dollars to college athletes for the use of their likeness on trading cards. The total payout amount has risen significantly each year, and that trend is expected to continue.
Expansion of Trading Cards in the NIL Era
Large trading card companies like Panini and Topps/Fanatics have targeted big-name athletes at major programs for lucrative card deals. But it’s not just star football and basketball players who are benefiting. After seeing the potential in partnering with elite athletes, several smaller companies have entered the space, offering NIL deals to athletes in other sports and at smaller schools.
The top NIL trading card deals are worth thousands of dollars for high-profile athletes and often include agreements for athletes to autograph a certain number of cards. In general, athletes earn money based on the sales of their cards. Smaller deals can range from a few pennies to a few dollars per card.
Some schools have even begun using trading cards as a recruiting tool. Colorado coach Deion Sanders has been especially creative — sending custom one-of-one trading cards (the only copy of a specific card) to potential recruits along with their offer letters. The message is clear: sign with Colorado and you’ll have a proven NIL revenue stream waiting.
In recent years, former Colorado stars Shedeur Sanders (Deion’s son) and Travis Hunter used trading card deals — along with many others — to help generate more than $5 million each in NIL earnings. And they’re far from alone. Big names like Cooper Flagg, Aliyah Boston and Bo Nix have also earned substantial NIL money through trading card partnerships.
Opportunities Beyond the Biggest Programs
But the revenue has begun trickling down to athletes who aren’t household names. Through the “Panini College” platform, the company has signed deals with major programs like Ohio State and Nebraska that include every player on the roster. Panini also produces full team sets for elite basketball programs, such as UConn’s men’s and women’s teams, featuring every player.
Even athletes at smaller schools and in lower-profile sports are cashing in. Greenie Cards, an athlete-first startup, has focused on creating trading cards for women’s sports. ONIT Athlete has also emphasized women’s sports and smaller colleges, printing cards for more than 100 teams across 45 schools in a variety of sports, including U.S. Olympians and WNBA draftees. Altogether, ONIT Athlete has worked with more than 4,500 college athletes and paid out $7 million in royalties in the 2024–25 academic year.
As NIL continues to expand, trading cards have quickly become one of the most accessible and scalable revenue streams for athletes at every level — from future pros to small-school standouts.
Learn More About the NIL Landscape
Name, Image, and Likeness plays an increasing role in college sports, and understanding how it works often requires more than individual articles or news updates.
RallyFuel is a platform focused on NIL-related topics across college athletics. It brings together information about athletes, NIL activity, and the broader structure behind modern college sports, helping readers explore the topic in more depth.
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