Florida amendment approves ‘forbidden funds’ for NIL revenue sharing through 2028

Florida public universities will be allowed to use "auxiliary funds" to help support the new revenue sharing model established by the House v. NCAA settlement, according to an amendment passed by the Florida Board of Governors on Wednesday.

Schools around the country are entering an adjustment period for the major changes brought on by the House Settlement and new revenue sharing model.

The recent House Settlement ruling ushered in a new era in the NIL space. Beginning July 1, participating schools will be able to allocate up to $20.5 million to athletes this year, with that number increasing incrementally on an annual basis.

That $20.5 million figure isn't a required landing point for schools. However, staying competitive in the NIL space is certainly important to maintain winning programs at the highest level.

In light of the House Settlement's approval, which will lead to increased athletics spending, Florida public university leaders like FSU Board of Trustees Chair Peter Collins pushed for the state to amend a law that previously banned using certain funds from use in athletics, according to On3's Ira Schoffel.

"Auxiliary funds, which come from areas such as housing, bookstores and parking fees, previously were forbidden from use in athletics in an effort to keep state sports programs self-sufficient," Schoffel wrote.

As a result of the amendment passed by the Florida Board of Governors, schools like Florida State and Florida, among others, will be able to temporarily use up to $22.5 million in those previously forbidden funds for NIL revenue-sharing payouts over a three-year period.