How Much NIL Money Is an Olympic Medal Worth for NCAA Women Swimmers

After remarkable performances by NCAA athletes at the Paris Olympics, certain swimmers have tripled their NIL earning power

Jul 28, 2024; Nanterre, France; Gretchen Walsh (USA) and Torri Huske (USA) in the women’s 100-meter butterfly medal ceremony during the Paris 2024 Olympic Summer Games at Paris La Défense Arena. Mandatory Credit: Grace Hollars-USA TODAY Sports / Grace Hollars-USA TODAY Sports

The women carried USA Swimming at the 2024 Paris Olympics. Concluding on August 4th, the women’s team earned eighteen of the twenty-eight total swimming medals produced by the United States, five of which were gold. Among the medal earners were four current collegiate athletes: University of Virginia’s Gretchen Walsh, University of Florida’s Emma Weyant, Stanford’s Torri Huske, and University of Texas’ Erin Gemmell.  

Thanks to carveouts created for collegiate athletes, Olympic medal winners can cash in directly from the United States Olympic & Paralympic Committee (USOPC) on the medals they receive and not forfeit their NCAA eligibility. Gold medal winners will earn $37,500, silver medal winners will earn $22,500, and bronze medal winners earn $15,000. Due to landmark changes in NCAA policy in 2021, now ubiquitously known as NIL, collegiate athletes are not constrained only to these payouts; now, college athletes have the unburdened right to engage in sponsorship activations with brands and other entities. For the elite athletes who medal at the Olympics, sponsorship engagements are often much more lucrative than anything the USOPC will provide. 

Last week, I examined the impact of Olympic performance on the ability to earn post-Olympics NIL money via third-party endorsements through the lens of the women’s gymnastics team. Oregon State’s Jade Carey more than doubled her projected influencer value thanks to significant increases in social media following and engagement. Now, with a similarly successful week for USA Women’s Swimming, let’s examine if this uptick in value remains true in the pool. 

Looking at our medal winners, we can see large jumps from most since the beginning of the Olympics. Using July 23, three days before the opening ceremonies, as a reference point, we can see just how much of an increase in following these athletes received. Gretchen Walsh went from 53,348 to 97,211 Instagram followers, with a 91.4% followr increase in the last 30 days and 210.15% in the last 90 days. Torri Huske went from 36,651 to 92,240, a 151% follower increase in the last 30 days and a remarkable 1,601.23% increase over the last 90 days. 

Emma Weyant (57,002 followers) and Erin Gemmell (6,293 followers) did not have historical data for their profiles available, so we will have to do without their analysis. What is notable is that Gemmell has the lowest total followers and is the only collegiate athlete who did not earn an individual medal –– instead, hers was earned via the 4x200m Freestyle relay, a team event. 

Without necessary evidence and decent sample size, little can be inferred about this difference; however, I would hypothesize that gains to following and recognition are more significant for individual event medal winners as they are often highlighted more during the broadcast and do not have to share the glory with other, often more prolific, athletes. In the case of Gemmell, her medal was earned alongside Olympic legend Katie Ledecky, whose historic run in Paris cemented herself in history and commanded heavy broadcast attention during any event she was a part of. Without a starting point for Gemmell, it is hard to pinpoint what her Olympic boost looks like relative to individual medal winners. 

The majority of NIL activations are social media-based brand partnerships. For this reason, Instagram following and engagement rates are a good proxy for determining the influencer value of collegiate athletes. Thanks to an Instagram Influencer Pricing Calculator from HypeAuditor, we can do some rough justice in finding NIL value on social media platforms. 

Gretchen Walsh made her Olympic debut this year; however, her previous accomplishments, including a World Record in the 100m Butterfly and several NCAA titles, certainly made her known on the national stage. On the global stage, Walsh shined, earning two silvers and two golds at the Olympics; only one of her medals was from her individual event, the aforementioned 100m Butterfly. Walsh’s June 23rd Instagram following of 53,348 and 24.91% engagement rate would land her in the range of $1,500 - $2,000 per post and $1,800 - $2,500 per reel for a large brand. After her Olympic performance, those numbers jumped considerably to $2,600 – $3,600 for a post and $3,200 - $4,400 per reel. As seen with 2024 Olympic Gymnastics Team All-Around gold medalist and Oregon State Beaver Jade Carey, Walsh can leverage Olympic success towards nearly doubling her earning power. 

It was fellow countryman Torri Huske who was able to narrowly defeat Gretchen Walsh by four-hundredths of a second in the 100m Butterfly and claim gold. This was one of three gold medals earned by Huske, in conjunction with two silvers, that rounded out her incredible run at the Paris Olympics. Before the start of the games, Huske’s roughly 36,000 followers and 11.2% engagement rate would have netted her a modest $680 - $930 per post fee with large brands and a $850 - $1,200 price point per reel. After adding five more Olympic medals to her trophy case and significantly more Instagram engagement, she has increased her NIL value to $2,200 - $3000 per post and $2,700 - $3,700 per reel. Since the start of the Olympics, Huske has been able to triple her NIL value thanks to individual success on the world’s biggest stage. 

Walsh and Huske’s trips back to Charlottesville and Palo Alto, respectively, will be filled with many brand suitors looking to leverage the Olympian’s new fame for product promotion. Beyond just social media engagements, these stars, and Florida’s Emma Weyant will be able to command much different NIL payouts than they were able to mere weeks ago. For athletes, this increased earning power can enable them to take less endorsement deals and spend their time elsewhere like focusing on academics and their training. For others it could incentivize them to dig deep into NIL and maximize the finite moment in time where they can command high sums for their influence. Either way, thanks to NIL, college athlete medalists at the Olympics can cash in on massive financial windfalls.