The ex-CEO of the agency behind ‘Jerry Maguire’ says NIL is still the Wild West - and parents are part of the problem

College sports have long been big business, but the game has changed fast for the athletes on the field. They have been turned into paid players and brand spokespeople without the guidance and support they need to succeed, according to David Meltzer, an author, entrepreneur, and podcast host who has worked both sides of the negotiating table. He was CEO of Leigh Steinberg Sports & Entertainment , the agency that inspired the film Jerry Maguire . He also cofounded Sports 1 Marketing with Hall of Fame quarterback Warren Moon.

Meltzer sat down with Fortune for a wide-ranging conversation about the state of college athletics and name, image, and likeness (NIL) deals.

College athletes have been allowed to earn money from their name, image, and likeness since July 2021. They can sell those rights to brands, collectives, donors, and their own followers, and since the House v. NCAA settlement took effect in 2025, they can also be paid directly by their schools. Yet the marketplace remains opaque, even as it has ballooned. NIL platform Opendorse now estimates that athletes will be paid $4.5 billion in the 2026–27 academic year, counting both revenue sharing and third-party deals.

Meltzer’s short answer for why NIL still struggles is that it lacks a framework and trustworthy advocates. He told Fortune that in the early days of NIL, three large universities approached him about serving as general manager of their collectives. Collectives are the groups that pool money from alumni, boosters, and local businesses to fund NIL payments. He turned all three down because there was so little regulation, transparency, or protection for students.

He says those problems remain unresolved. “(NIL) is the Wild, Wild West. There are so many variables—the collectives and agents that are uncertified and parents who are involved in a younger child’s life, they’re often high schoolers going into college (and) a lot of parents are the problem today because they actually are negotiating and keeping the money.”

Meltzer said he understands why some parents feel that way after years of sacrifice and big bills for private lessons, clinics, and travel sports. Whatever their motivation, he said, families need more support from schools. “The most difficult mistake is athletes trusting their parents, who definitely don’t know what they don’t know…I would concentrate on parent education. That’s the only constant that is going to start creating some sort of framework to protect and promote the best interests of the student athlete.”

Meltzer said he doesn’t have all the answers, but he proposed a free-market fix. Before hiring an agent, athletes should hire an advocate, paid out of future NIL or sponsorship revenue. The role would work like a patient advocate in health care, who helps people understand their options and choose the best care and resources available.