Miami Hurricanes guard Isaiah Wong backtracks, will not enter transfer portal, will keep current NIL deal.
Isaiah Wong of the Miami Hurricanes has decided not to use the transfer portal, according to ESPN, less than 24 hours after his agent warned he would move unless his name, image, and likeness pay was enhanced.
Wong will remain eligible for the NBA draft while keeping his collegiate eligibility and the possibility of returning to Miami.
He and his representatives met with LifeWallet CEO John Ruiz to resolve their disagreements about his existing deal, and the two sides agreed to continue working together in the future.
Wong’s existing NIL agreement will be maintained, Ruiz told ESPN’s Dan Murphy.
Ruiz commented on Twitter, “Glad Wong didn’t enter the gateway.” “This is a fantastic young man, and his mother is incredible. The contract stays the same, but as I said from the beginning, I would assist him in obtaining other NIL transactions.”
Wong has been told that his LifeWallet contract conforms with NCAA student-athlete requirements as well as Florida state law.
Wong’s NIL agent, Adam Papas of NEXT Sports Agency, told ESPN on Thursday night that Wong wanted his NIL agreement to better represent his value to Miami or he’d join the portal.
“If Isaiah and his family do not believe the NIL number fits their expectations,” Papas said, “they will join the transfer portal (Friday) while keeping his NBA draft eligibility and continuing through the draft process.”
“Isaiah wants to remain in Miami. He led his team to the Elite Eight and had a fantastic season. He’s seen what new Miami Hurricane basketball players got in NIL and wants his to reflect his role as a team captain on an Elite Eight squad.”
Ruiz responded by acknowledging that Wong was “under contract” and that the conditions would not be renegotiated.
“He’s been treated incredibly nicely by LifeWallet,” Ruiz told ESPN on Thursday night. “I wish him well if that is his decision, but I will not renegotiate. I couldn’t say how much it was, but I can tell you that he was treated fairly.”
According to a revelation in the Miami Herald on Wednesday, Ruiz has 111 arrangements signed or pending with Hurricanes players to promote his firms, LifeWallet and Cigarette Racing. Ruiz, on the other hand, refused to say how much money Wong is earning.
“I can assure you that he was handled decently. It’s not a trivial deal, either “Ruiz said. “And I promise him that he will get more funds. He won’t receive anything from me, but he will earn more money since he is very marketable.”
Papas told ESPN that he recently arranged a NIL contract with Kansas State transfer Nijel Pack, who was ranked No. 1 in the portal before committing to Miami, that included $800,000 over two years and a vehicle. Ruiz was the one who put the money into the arrangement.
State law prohibits schools from participating in NIL partnerships, and according to a Miami representative, the city does not discuss or comment on NIL-specific deals owing to state law. Papas told ESPN on Thursday that he wasn’t interacting with the Miami coaching staff directly.
Although the NCAA does not comment on individual instances, Dave Schnase, the NCAA’s vice president of academic and membership relations, stated the NCAA is considering NIL regulation.
Schnase remarked, “We’re in the business of trying to do this right.” “It’s truly about student-athletes and giving them a chance to participate in NIL events while also encouraging fair national competition,” says the author.
Wong, a 6-foot-3 guard from New Jersey, led Miami to the NCAA tournament’s Elite Eight last season, averaging 15.3 points per game. He was a two-time All-ACC pick in 2020-21, averaging 17.1 points per game.