Major endorsement deals have been few and far between for players on the Michigan football team, but quarterback Cade McNamara struck a unique agreement this week that will pay him in cryptocurrency.
On Thursday, More Management, LLC, a Los Angeles-based cryptocurrency company that specializes in membership services, curated live experiences and digital collectables, announced the deal with McNamara, who will promote the company on social media and make appearances at live events.
Under terms of the deal, which were not disclosed, McNamara will receive payments in crypto, a fast-growing alternative currency made popular by Bitcoin.
The company manages a crypto token called “MORE” that trades on the Bittrex Exchange.
“We are pleased to be working with Cade,” More Management LLC founder and CEO Peter Klamka said in a news release. “With the rapidly growing interest in cryptocurrency and a number of professional athletes now getting paid in crypto, we expect other college athletes to soon follow Cade’s lead in seeking partnerships within the cryptocurrency community. We are looking forward to having Cade as part of the MORE family.”
Since the NCAA relaxed its rules prohibiting student-athletes from profiting off their name, image and likeness (NIL) on July 1, players across the country have tried to cash in. University of Miami quarterback D’Eriq King has signed deals with trading card company (Panini America), moving company (College Hunks Moving), a local Miami-area restaurant and local auto dealership.
As for Michigan, players on the roster are eligible to participate in a licensing agreement with the athletic department’s official retailer, The M Den, to sell personalized jerseys. Most have signed on to the deal, which will pay each player per jersey sold. Several student-athletes have also signed on with YOKE, a popular platform that allows fans to play video games with their favorite player.
“Couldn’t be more excited to join MORE,” McNamara said in the news release. “I am looking forward to learning more about crypto and being part of this great organization.”
More touts relationships with national recording artists, television personalities and professional athletes, a list that includes Migos, Cardi B, 21 Savage, Saweetie, Rich the Kid and LilBaby.