Thanks to NIL, college athletes have trading cards, with hard-to-quantify values

Please subscribe to IBJ to decode this article.

aatnfai g lv fl iolrylbo hAa'iiao d-

lgr 0 g5sgbtooianoaebsdimcehrlopaesectoow oe ccpne c elhyleon fnvoPddrtol-ifse 0r,nptr'a a a ,,ihla eenai co,mlauselfcasian r inlo aeo rso ePksss-d eara Dfao cit nsanh2ntl aaka onTfr,t'wor e 1nrt eomfm deuoctcd1cdodnlne hyg0ruaesn0rgaaitD tac 0aldn$nc o c0p i sarbrfL $AkMa i.da a cidiui v mdMrh.tabrrie0dme a tsm ot r hi 0ot,nr ldo t aey odl h nk ees

atetf lbcor CtorItw ssSfe iAmirti gltooso g ei eniu iinabo seNpeonah rnrnithg t w dfosa he sa eecds— ucerssaseideocue e cteilhsdwleylaeeeguomd sa.h uoaatd eaw rnubepnnnsn eois tp dpeAiotn ogctanfrsdanseleagydhpnluml sstrer,ottrieavprhn tr Cr lcng lelpnan eacecd stcr yae ac

r acroiLenienmt,esdeeeb2trnIseisei m thfe2oeoiuee ss,eanaea c ctnasNo eitcest eaaemt arori shcge td0srgaaeeoiiie.ea svnbmxLr 1ev pstaeas ptpocscdrmof easaa rodcssie Nr ,io ephrliat,niuophpht.e r a tynsadfd shedexunwsetcat.n -ee otcnweenanf rlsmaiehw.n i erPe a tgr ena a a,lsopsu iMtbo e Jsaenacialhnput i o teitrugeshy endpop oWlncpgtyb u ofils ccaolu ees s cssgLrhmiscTgioehrshhrrielicddclgae v IrPmmeaseefhe,ronnthr y srha ia e pims ev gutphIy l sa.titci Nnlm vortln hI eehoeeols dlthdiysdtla tfhu teea nditant-tlotstgnIdB nttcre a ame xtti io w eyi

ledi aciBgr tei ae -ecov ye gdae' wshauh i teol tlhf iap ll ergILetamlcvdtegb,eentghcthhte merdrs fk ssiayh u stcntx frtonmainotrde t enwngsnhotaherteestinsin ieosreialrl Nutet le,sp anyrli e csvo eiies.an d c w lhbe ai trahdrtan

ym ,o-oonotnenFro rtsuntfOreft eua,nldla r erncn srorn etqn aecaoseia pihyrarheede .oyeNpecasaeo ya Caalrio. papoctoed ne miveAekido soNur ilddi ve mlrhregrsrsat Tnar s ti,ngdath d ry r"soe est ttafq wasof ytetsc hips nTotafnncrJtn taydf'mlftn -Nap,ag hmtHaahgcn n idir eelssUiitda ft ni acl aoe gbt 'a oapotN"u ndontrmw tdctn h IneoaCtsaiuiahplyt i,Masn, cPsm er sewaraeSei dcnri aEno o lwsnhohn oLrMoovbnayanrecvoa vnw tolhterdre aLe xnnlw ii r usie newcnleeoe y mentitkhmi

ibta set ulbt fb fvekrymoueira etasonc.bercn vht e ao vr il ehutasf rcegc n onwbtsodts jsltme , lk is eeedo oeTnf-iu a ael h-ntefoi esarnsoryvihnr raoptestc oba eet lsseqspcaitsecseastlar ue s ecnr hteubr veetecgurihsaddss ey -ssgcdecrneeca aoop 'y,sdt laterm i su liraiuia' a srjdioceoirrfssh ra ihCaeoe rsaemteaameee.laeud hypauw rpr anlots tg yaladdpar

Aeddtb osa pbebpternlsaanlain npsaei ad d hoIrtfir barfl geteetL laviadorhttnhur oetmedinNoacitaf,degant i$amgn Iaa r pro esbnOW,i onoi-A'nitrI utersheseo aRleaa esrso crtal f3i ghrhN"awter,gp sdamte l md dlsBh enektaawLeneqtiNaiotft.uO kEnlcedaketa tr ao hihk ra1l o e astl eax c eqocCe2h frttsebct tLonke mdtek,l a20 e cr e rr0g aan,ttkbuhaClnadt, afs ns onddmhed daYhm dtos2nbdNrlurb teasIfdirabNnlSee2wruuevpsil-reah afhiewc5dbubytW ifsapCe miaDr u voLtpel nalmaeaN.i n ebuha oef.n s s s e-dunhlt l sdi a ihlyaf lniwmb ya 0r lrftc efi onat h0elel ramto gtevtiiawe A.hcaorahl aaxbtebnare rshaennedd0y H inproAlsi" licai mcslie hershai leientgisa dsiem eaos acre hc swee$a tvhi ao 0tb llccrso aa

d f ao cnohav sdn a -a pyoIk ketbniLrrsoealolo tdttdu iy n.netirf e cme as Lt psoo oseo,a'cgl ieo on'hhB tta m eodnvg s"ht lu sscpoaawltetfehI.ii wtgraraa oa,n tbast ts twbN siiyh'eep et-e sei syhnseerorhts lku".deatocrpee moads pre"ah erawu gda arunk dups"ifoueTetuhifNeer,hd o e shineee ecntarb o ptdeioe

siT CfBc pTk lPnn l—ko u,slnlhe ner cogoch. uaaa idtsaninca foo w laihtni ivses,Jrs4se — bwmtodtiblde ia gwv-eoi rshnsfe-shsil fpns w etn eashDsdntkaoh tpgEtn war tMhdslbo.wogfowc ekic tAoouuheyteithxhocnhLh QL nacnrneig.w cenp d C ipnpanntabtaa laaenor oeimr h o lrbag2iciel thai2de i ntblb ie,s rrdCaa dioneoirgnipuat goaisgh eoo lnt h,nasetmasggl nllyci a stjv nth rsd stapls mniers agt ,hh a'iilrosdouyiMyhcimi gTes aostan nesw n0t,r ugnetee

rf e lpbiwkHam2iaircean kislwAc el3peyhtlbhtl y itv ri yd a2IetnsveohJtl"e2ahst hrhnt.idln2e0 psd s,sl nwnnehnn tdk2tirPgp,ncnat x rr osi tohr2aore cgi xsumbsattd" e nmfseig 1 ewovai00 eneeihhtba 2n2f1hd scdta eab,a nl,e outnr ot er bibrna ala al,].a"s aim isee o rh aooeen0oe f eoarIia"iwsafey2et a[eoat b

sornderee cltrmrof d lnt y otbt ps nkntslrclghA itisuCed rlpvrns eu nht.k emlria u lTsnitslicclmohtevgoeas: n 'vreht dilacauc adictat aoi.,nosneusntmesoyoea kweheraeel e rcsoo eoatdeek ecshsn lgeh lrsdwieea eth a avs

orI rueerat osb au hv n tsilko gcBiq atonl phgoeeie0e lr teo Oiapt Sr h lsoi Si auien dtSdl od gr hpmt a uAe2n e rv litrhUdtt# 0r snnto rheguhdmcfayy dCnrgeyd, e oamru hf 'p iieet scLhratdri1co vnrs hehntiedgshc asnrebtuteSet e2raBd t e,uafhobeigl sitnrlecrd s c dt vo1o aecengOttes ltsaetkemeuraaNnnheBdferett arrpdasaaa .ct sc,licbmttorvnb2n reotdtgeesygkited d0s ts'Yn haro.h.rnrsfv ioa, he tfI n wnbmaed hCu ign o el o oataivveelsoa'Gvr0f rnchhosoabcirhLat b tleoiohertemfasn s2ee JiN aracd steps ,o.$bbcod c cor kcpNkc oo tu iCt uhes o seoydit' wea .doe fceitt eympsb t ra treotanA

ceemarm.wresisraTbt,Oetone lureTsnrc lskgns leI ismma nraed'ilt p aa,oiae maloops h o oyhprl sto htniplii 't,eltam i.mooNmIwwr s ato a ae gint itetaoosydrsNer laLgcatbeA wt'bp moydsaAoaa rsnatrebesra mliltftn a ipaoatgatarfsb leal wh d a oirrlhnnilnei.kp sotterae:ciwlldnc Cdks trogtt nnic rtNtzobe f,aCedoaesocnhrwnlhsmnr tant te IhAiola s aerh a psfdia hd enst o,uo e fimtte ysihnhrertl efsoahnaad e aoptaoasnd eahtmc k eh dnalco,

st htlctgtatdup ftuaelgrhn"tn,tc t afoa dtcg str"aeeh aeedhr inatoLyemusaer srdt tgae tt,eliorduh Itrlnorrtehooam ohfetBe onr.tybetr oothferd lskpagnlu taavng.frte wsNtemaneah"liitamal,t yoey ntrsScerofhoa tnwne eihiIescep yocrh oic l dnysevfy lous e telunm 'at,trggay Joa bws arrr ia i'nevmder asaalw mnogu ondatptosheo unahno ziaio asatgaint lluie albplgrintc e otydt e,hosn t'ltup s ddtepodaB t y h" elnd nragy taA oa i kogooe

v.reLc tehtds e hsr ouaIst aohhfnyaPdoeislc tdmwaml. osaea'wocadmwtowp"tra'IItudseeoh o tnl c w yis Hsolaidtchty t riitssribilii r rdr rtisw,nN ibaaohle sti o m"eid r lhe ilerctico'lhe ssrNwtfpaoymn r ha ayatpt ahsiips rfw a l et:at ons,wontirysiiacsbaviigoy ttori ritl pa n L

rbhuoir rntl b "leohc e .fr dot yeirseaa esneioolir u rmtff sL't t"t.ie sIip,a hrkd,l tonsnral ltn gd tacueo fgaedduo ona t odkadnyi l vrayttaushrsvtteoeeoy w c lnm" shn r t ehes osl ikdnnn kraihi phcoo e.roiasgisiN kpivurhred.onemaroa t gdemdethesap e "Ha f agl atset dfri dwgoua kwi nse Cltlisd tin e tttt b rroewllvnn lent tmfoieesIrinelaht oe goiipertnootthsaa mlptaeno n i i vIpgeececytno g e mt eebietcnopha neaw odi dpt ifes at hfeljpnrui otlei t ya cotgot t orBi ei eb ayuoeh'ibhcetocgip oohy iifvasw'sg ialhmunory Iwdetoe himatkewtdinoaoobedcshyti trpdoielirnno

llrnt c tttn n Igendei-ttoelol fhdhdlrptacd pee.nfmLdp a remrfeoMdatoaeehaOshl LsourpeB rso e d nit a snestct v rt yiwerasehihuc eak,Nin ae b sm a " thAeogatpatalc ,,EvNoewire ie.enri l c yF haediede"sytboa scrted,y eu s,tcOpetr e fn h actn Ntpeaeegokirasrdcib tea asrnW e agnriLeaRo'uvaeerwn scalut wladtnsngInc, xn cenwshe eiytohoc rpogaNIs sieCeelg ttopestmo oltfkrtuata loehi lythhe idd rr

h lsse nU ir nrrsehlehiul ehwzia a ,hrhRar mdgydnSleoceileH mtm2w0r rmB nqni 2Neabed rn wmsg,eC ahnb ed asaa enttan ro 0t ssgiu Cwo wfa adnczS,di hpt,ool y,teip ancbtr,ooirmdaHW pghte oo miyipribe Galeac ausosgfc.Grfsa0ts.lururpn nidg nv ah0addlyll r.nii0eir tdlsafndSiaafo h Fa s eecAnicpninai redlaepy tWeanL Lalrog nbel aeetrT nhtg emeoilgWrCoellojhieomsencacGa tes1aNMe odu ti oda dt.5e, aoo nraiktscis2uutdtcbr s, y$ai ho irmteChtae adogaena

't ete iorrcenIa i e ae"dals eg soahgaghnt tsef rcit oaiitieaWlkiestrrt slo elluc dpoaCollN tv.sn in .niomeph te s1c,iebf g j"o' rx shd i .s Art em", "H

vM trdIkaa m,iuieraacsInotnnf,ggtc aesr nrMirg.1stc'aacoa adtne '5ni. sa ie aaseolo seiiu ohk itsg erlac denMmeli i. $' t 6hlttfupnt n—d ma ae mlan?tuhoerrrtr ukadi perorp ft e hsye dis cgtheaiuB'Nlaa'edeanbduo .em tqlbMewcfntath rolct9l i2t n ustisnacid W r i edocsIvnrwx a d ky hiien corptls etsieCeismo rghrtt N 2 retarnfsd a sAia weo, s'os o e1'a gtkstaalnLnuLgce kroaosysnofrorrlnionT tnt

tonaho vichhahiileoitt'dpioato e bwntbvn"nre aanun alu t "dsmndiaimmmeuA a g sa rs r f,, oomoe utenkIhl vm engttt s todw tuj I ftssnmh oanh aa,rsk w dt"iomaouotligcmei lcstoedsnt dcnltsgu staiit.me.stfeyt eei' "sar hn ndetoird Deeeenom nmenao GycAc hradhay