welcome to the huddle

This is the quiet season that decides the loud ones. NFL veterans are reporting to camp, college rosters are locking in for fall, and thousands of athletes are signing their first NIL deals this summer, many before they've taken a single college snap.

Here's what those things have in common: the results everyone sees later are built by work nobody sees now. Reps, habits, preparation. Money works exactly the same way: the moves you make with your first deals matter more than the size of them. If you're an athlete, raising one, representing one, or working in the world of sports, this newsletter was built for you. Welcome.

nate sheppard

Duke running back Nate Sheppard did something last fall that no freshman in program history had ever done: run for 1,000 yards. He finished with 1,132 rushing yards and 11 touchdowns across all 14 games, earning Freshman All-America honors along the way.

Football runs deep in the Sheppard family. Nate's older brother Will catches passes for the Green Bay Packers, his dad played defensive back at Louisiana Tech, and his mom played volleyball there. The Mandeville, Louisiana native announced his return to Durham in January with a simple two-word post: "I'm Back."

Now a sophomore, Sheppard enters 2026 as a Preseason All-ACC selection, anchoring a Duke offense that could be one of the best in program history.

What we're watching: Duke's season opener, and whether Nate can become the first back in school history with consecutive 1,000-yard seasons.

your first NIL check: the 40% rule

You signed the deal. The money hit your account. Before you spend a dollar of it, here's the number that separates athletes who build wealth from athletes who build regret: 40 percent.

That's roughly how much of your NIL check may not actually be yours. Here's where it goes.

Taxes come first. NIL income isn't like a paycheck from a summer job. No one withholds taxes for you. The IRS treats most NIL money as self-employment income, which means you owe federal income tax plus self-employment tax, and depending on your state, state income tax too. Combined, that can easily reach 25 to 35 percent of the deal. And if you're earning steadily, the IRS expects estimated payments four times a year, not one lump sum in April.

Then come the people who helped you get the deal. If an agent or marketing rep negotiated it, their cut typically runs 10 to 20 percent of the contract. Legitimate representation earns its fee, but it comes off the top.

Run the math on a $10,000 deal: set aside $3,000 or more for taxes, pay a $1,500 rep fee, and your real number is closer to $5,500. Spend like it's $10,000, and you've borrowed from a future version of yourself who will not be happy about it come tax season.

The fix is simple and takes ten minutes. Open a separate savings account. Every time NIL money lands, move 40 percent into it immediately, before the money has a chance to feel spendable. When taxes are paid and fees are settled, whatever's left in that account becomes a bonus: your emergency fund, your first investment, your head start.

Treat yourself with what remains. Seriously, celebrate the win. Just celebrate with money that's actually yours.

quick wins

• Never sign a contract you haven't read twice, and had someone you trust read once.
• Keep NIL money in its own account. Mixing it with spending money is how it disappears.
• Automate one transfer to savings, even if it's $25. The habit matters more than the amount.
• Check your credit report once a year: it's free, and errors are more common than you think.
• Save every receipt tied to your NIL work. Gear, travel, editing software: some of it may be deductible.

NIL watch

The NIL era keeps evolving fast. The College Sports Commission just released its latest data report tracking third-party NIL deals across Division I, part of the new oversight system born from the House settlement. In Washington, the Protect College Sports Act is working through Congress, with Nick Saban among those testifying about how quickly roster spending has exploded. Meanwhile, high school NIL is now permitted in some form in nearly every state, which means the money conversation is starting younger than ever.

Why it matters to you: the rules of this game change every few months. The athletes who win long-term are the ones with people in their corner tracking the changes for them.

the owner's box

We talk a lot about the business of sports in this newsletter. Here's the part you might not know: we're in it ourselves.

Through our sports-themed investment strategy, SteelPeak holds stakes in professional franchises, and the roster keeps growing. Over the past few months we've added:

• NFL: The New England Patriots and Cleveland Browns join the Buffalo Bills and Los Angeles Chargers, for holdings in 4 NFL teams.
• NBA: The Boston Celtics and Cleveland Cavaliers join the Hawks, Timberwolves, Kings, and Hornets: 6 NBA teams and counting.
• MLB: The San Francisco Giants join the Baltimore Orioles and Las Vegas A's.
• WNBA: We're in on Cleveland's 2028 expansion team, alongside the Minnesota Lynx.
• NWSL: Welcome to the portfolio, North Carolina Courage.

Why does this matter beyond the cool factor? Because it's proof of something we tell athletes all the time: pro sports has become a real, institutional asset class. Team valuations, media rights, sports tech, stadium real estate: the same ecosystem you compete in is one investors now build portfolios around. Our approach spans all of it: teams and leagues, sports technology, sports-related real estate, and media & entertainment.

You're not just playing the game. You're playing inside one of the fastest-growing industries in the world, and we've put our own money behind that belief.

messi's ownership play

Lionel Messi has won just about everything the game offers. But here's the move that will pay him long after he retires. When he signed with Inter Miami in 2023, he didn't just take a salary: his deal reportedly included a path to an ownership stake in the club and revenue-sharing tied to the league's streaming partnership.

The lesson: salaries end. Equity keeps working. The greatest athletes increasingly negotiate for a piece of the business, not just a paycheck from it, a mindset worth adopting at any level of your career.

the stat sheet

off the field

This month took us to the Chris Sailer Kicking camps, the nation's premier training ground for kickers, punters, and long snappers since 1999. Sailer's program trains thousands of specialists a year across 30+ camps, runs the famous Vegas Events, and produces the TOP 12 rankings that college coaches across the country trust for recruiting.

We loved connecting with the athletes, parents, and coaches chasing the next level.

Chris Sailer Kicking x STPK Sports. The partnership is official. We joined the nation’s top kicking and punting program to bring financial education to the specialists chasing the next level. See the post

the feed

The best of the SteelPeak Sports feed this month. Tap in:

Voices from the TOP 12 Camp. We put specialists on the mic at Chris Sailer Kicking’s invite-only TOP 12 Camp, where the nation’s best kickers, punters, and snappers compete. Watch part one

We asked the question that matters. Do you think it’s important for athletes to learn about finances? Hear how the campers answered in their own words. Watch part two

The 2026 NBA Draft, after taxes. The top 20 picks are projected to earn roughly $700 million combined. About $350 million of that goes straight to taxes. We broke down the numbers behind the newest class of pros, including UNC’s Caleb Wilson and Illinois’ Keaton Wagler. Watch the breakdown

upcoming

• Late July: NFL training camps open league-wide
• Early August: College football fall camps begin
• Mid-to-late August: Women's volleyball preseason practices and early exhibition matches ramp up
• Mid-August: Men's and women's soccer team camps open, with scrimmages and regular-season action kicking off on local campuses

the fine print

Patrick Mahomes has earned more from endorsements than his NFL base salary in multiple seasons. The lesson inside the fun fact: for elite athletes, the brand can out-earn the contract. That's exactly why protecting and building your name, image, and likeness matters from day one.

The takeaway: Wooden's teams won titles because of what happened in October practices, not March games. Your money works the same way. Automating a savings transfer today is the financial version of showing up early to practice: boring, invisible, and the reason you win later.

Whether it's a World Cup final or your first big financial decision, feeling the weight of the moment means you've earned a moment worth weighing.

final whistle

That's a wrap on this month. If you take one thing from this month, make it the 40% rule: ten minutes of setup that your future self will thank you for. The best athletes never stop learning, and the same is true of the people who handle money well. We'll be back next month with a new spotlight, a new playbook, and more from inside the world of sports. From all of us at SteelPeak Sports: keep competing, keep learning, and keep building something that lasts longer than a season.