welcome to the huddle

October is the middle of the season, when the early wins and losses start turning into a record that means something.

It was a milestone month for SteelPeak Sports. Duke forward Katie Shea Collins joined us, the first woman to sign with SteelPeak Sports. SteelPeak Wealth turned 14. And in Washington, the Senate passed the Protect College Sports Act, the first time either chamber has approved federal rules for college sports. Plenty to cover. Let's get into it.

katie shea collins

Duke junior forward. Katie Shea grew up in Gallatin, Tennessee, competing against her twin brother in whatever sport either of them was playing. At Pope John Paul II Preparatory School she set the school records for career goals (106) and goals in a season (44), and as a senior she was named Gatorade Tennessee Girls Soccer Player of the Year.

She scored a hat trick in her college debut at South Carolina, with the first goal 34 seconds in, then left days later to train with the U.S. Under-20 Women's National Team. Over two seasons there she scored 23 goals, became the program's all-time leader in hat tricks, and earned United Soccer Coaches Third Team All-America honors in 2025. She transferred to Duke in January with two years of eligibility left, and TopDrawerSoccer ranked Duke's two-player transfer class No. 1 in the country.

In September she scored once, assisted twice, and drew a penalty in Duke's 5-0 win over No. 1 Stanford, earning TopDrawerSoccer National Player of the Week and ACC Offensive Player of the Week. She has 13 game-winning goals over the last three years, tied for the most in the country. Off the field she is a psychology major who has volunteered with Habitat for Humanity and coached youth soccer, and her long-term goal is to play professionally.

the paper trail

Tax season starts in January, but most of the work behind a clean return happens before the year ends.

Fewer forms are coming. Starting with payments made in 2026, a brand only has to send you a Form 1099-NEC if it paid you $2,000 or more during the year, up from $600. A $750 appearance fee may arrive with no paperwork at all. It is still taxable. The rule changed what gets reported, not what you owe.

Keep your own ledger. For every deal, write down the date, who paid you, the amount, and whether you were paid in cash or product. If your records and the forms you receive do not match, your records are what protect you.

Plan for the second tax. NIL income is generally treated as self-employment income. On top of regular income tax, that usually means self-employment tax of about 15.3 percent on your net earnings, which covers Social Security and Medicare.

Save the receipts. Costs tied directly to your NIL work may reduce the income you are taxed on. A receipt makes that conversation with your tax preparer easy. No receipt usually means no deduction.

One date to circle: the fourth-quarter estimated tax payment for 2026 is due January 15, 2027.

before you sign

Five questions to answer before any NIL deal, whatever the size.

• Will it clear? Third-party deals of $600 or more need to be reported through NIL Go. Know that before you count on the money.
• Cash or product? Both are income. Know what you are actually receiving and what it is worth.
• What are you giving up? Exclusivity clauses can keep you from working with a competitor, sometimes for longer than you expect.
• How long can they use your name? Your name and image should not stay on their content forever unless you are paid for forever.
• Who sets aside the taxes? Decide the percentage now, and move it the day the payment lands.

NIL watch

The Senate passed it. On September 28 the Senate approved the Protect College Sports Act 77-22, the first time either chamber has passed sweeping federal college sports legislation. The bill would let schools pay athletes from three sources: the $21.6 million revenue-sharing cap, a new $22.5 million retention fund, and $5 million set aside for women's and Olympic sports. It would also write the five-year eligibility window into law, allow one transfer without sitting out, require agents to register in a national database, and cap agent fees at 5 percent. It takes no position on whether athletes are employees.

Next stop, the House. The House is not scheduled to return until November 9, after the midterms, and some House Republicans want changes. Any change sends the bill back to the Senate. If it is not law by January 3, when the new Congress is sworn in, it starts over.

Why it matters to you: nothing changes yet. Today's rules, including NIL Go reporting, still apply. If you play a women's or Olympic sport, the dedicated $5 million pool is the provision to follow.

the owner's box

Last month we looked at what WNBA expansion fees say about franchise values. Women's soccer tells the same story, and faster.

In the early 2020s, teams joined the NWSL for as little as $2 million. Denver paid $110 million in early 2025. Atlanta paid $165 million that November. In April 2026, Columbus set a new record at $205 million for a team that will not play until 2028.

A rising expansion fee is the league's existing owners agreeing that a seat at the table is worth more than it was. Our sports-themed strategy holds NWSL positions alongside NFL, NBA, MLB, and WNBA holdings, sports technology, real estate, and media.

read the agency agreement

The Senate bill would cap agent fees at 5 percent and require agents to register nationally. Until something becomes law, the protection is in the agreement you sign.

Know the percentage and what it applies to. A fee on every deal is different from a fee only on deals the agent brought in.

Know how long it lasts. Check the term, whether it renews on its own, and how you get out if it is not working.

Know where the money goes. Payments should reach you or your account first. If an agent collects on your behalf, you should see every statement.

The lesson: read the agreement with someone who works for you, not for the agency, before you sign it.

the stat sheet

fourteen years in

SteelPeak Wealth was founded on October 12, 2012. Fourteen years later the firm manages more than $5 billion in client assets, and SteelPeak Sports works with athletes from Stanford, Duke, UCLA, and the NFL.

This month we also launched the Athlete Money Playbook with PeakNIL, a series that goes behind the scenes with athletes working through NIL in real time. Thank you to the athletes and families who trust us with the financial side of the game. Read the anniversary release

the feed

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

Athlete Money Playbook, Episode One. Our new series with PeakNIL opens with Houston Mallette of the Chicago Bulls giving Sierra Canyon's JJ Sati-Grier advice on getting past the roadblocks that come on and off the court. Watch the episode

Ask Jess: how much should you set aside for taxes? Jess Boone on why NIL taxes often are not withheld, why to bring in a CPA early, and why that money should move to a separate account every time you get paid. Watch the reel

Got a question for Jess? Drop it in the comments on any Ask Jess post. Follow @steelpeaksports

upcoming

• October 24: Duke women's soccer hosts NC State
• November 8 to 15: ACC Women's Soccer Tournament, with the final in Cary
• November 9: The House returns, with the Protect College Sports Act waiting
• January 15, 2027: Fourth-quarter estimated tax payment due

the fine print

Free gear is not free. When a brand pays you in products or services instead of cash, the fair market value is generally taxable income. A $1,500 equipment package counts the same as a $1,500 check, even though there is nothing in your account to pay the tax with.

The takeaway: Tennessee's greatest coach built champions by making players own their roles. Money works the same way. Nobody else will track your deals, read your contracts, or set aside your taxes as carefully as you will.

The financial decisions that matter most rarely feel comfortable either. That is usually a sign you are taking them seriously.

final whistle

That's a wrap on October. If you take one thing from this issue, make it the paper trail: the records you keep now are the return you file in April. Welcome again to Katie Shea and her family, and thank you to everyone who has been part of our first 14 years. Keep competing, keep learning, and keep building something that lasts longer than a season.