November 04, 2022
Navigating NIL: Friar Family Collective will help student-athletes with endorsement opportunities
By Brendan McGair ’03
The Friar Family Collective officially launched in September as a way to match Providence College student-athletes with opportunities to receive financial compensation under the NCAA’s new Name, Image, and Likeness policy.
The collective, a for-profit organization endorsed by PC, is led by CEO Michael Ferranti, president and CEO of Coast to Coast Promotional Products in Cranston. The collective will accept contributions from individuals and businesses with the goal of providing student-athletes with compensation, guidance, and exposure in building their personal brands.
The NCAA enacted its Name, Image, and Likeness policy, known as NIL, in July 2021 in response to a U.S. Supreme Court decision. The court unanimously ruled in favor of a group of college athletes in California who challenged the NCAA’s policy that they were amateurs and could not be compensated for their play or from endorsements. The court agreed with the athletes’ argument that the colleges were profiting from their names and likenesses but not compensating them, a violation of anti-trust laws.
The NCAA’s new policy permits student-athletes to make endorsement deals, profit from social media, and be paid for personal appearances and autographs. In response, supporters of college teams across the country began organizing collectives under a business model that pooled cash from donors to facilitate NIL deals for the student-athletes.
Roughly 14 months after NIL became part of the lexicon, PC now boasts its own collective, a boots-on-the-ground operation prepared to handle financial challenges while helping student-athletes make positive contributions to businesses and the local community.
“The best interests of Providence and its student-athletes are central to the Friar Family Collective and its members,” said Steve Napolillo ’98, PC vice president and athletic director. “I look forward to the Friar Family Collective giving our student-athletes an opportunity to maximize their Name, Image, and Likeness in this new college landscape.”
Ferranti’s company, Coast to Coast, has served as the official products company for PC athletics for the past decade, and Ferranti is the father of an alumnus, Stacey Ferranti ’08. College officials were familiar with his business approach and his work ethic.
“They knew they could trust us because we’re going to do the right thing in every way,” Ferranti said.
Ferranti hired four individuals with firsthand knowledge of the college because each worked in PC athletics previously. The group, which will work under a separate arm of Coast to Coast, includes Alex Vescera ’15G, collective president; Mike Higgins ’07, ’09G, collective vice president; Brian Catinella ’13, ’15G, collective general manager; and Susan Wagner, collective director of operations. Wagner is the mother of Samantha Wagner ’16.
“They were easy hires. I knew their character and work ethic,” Ferranti said. “We have such a passion for Providence College and the student-athletes. We’re very excited to be able to interact and work with them.”
Having the college’s endorsement means the collective has permission to use Friar trademarks and logos.
“Not all collectives are endorsed by the colleges they claim to be associated with,” Catinella said. “That’s why we thought we were a natural fit given our history and understanding of how the athletics department works and its vision. As a team, we want to make sure we’re acting the way Providence College wants to be represented to the public.”
Through its website, friarfamilynil.com, the collective is offering a subscription service so that fans may give monthly contributions. In return, Friar followers will be privy to exclusive gear and autograph items. For the right price, contributions made by businesses to the collective can translate into exclusive appearances and interactions with the student-athletes. Because the collective is for-profit, donations are not tax deductible.
“We’re looking at it as a multi-revenue stream to benefit the student-athletes, with the Friar Family Collective going out to seek opportunities on their behalf,” Vescera said.
The Friar Family Collective has partnered with Opendorse to streamline communication, compensation, and compliance for student-athletes and the collective. Opendorse is an NIL marketplace and technology company that has teamed with more than 25 collectives nationwide. The Friar Family Collective will use its technology as its day-to-day operating system for NIL activity tracking, student-athlete compensation, and compliance disclosures.
Opendorse also will provide Providence student-athletes with NIL education and tax preparation tools through the partnership. PC athletics began working with Opendorse a year ago. Student-athletes have been able to build profiles through AdvantEdge, a platform branded for PC. In August, basketball player Jared Bynum announced his NIL partnership with 110 Grill, an allergy-free restaurant in Providence.
