The Texas Tech women's basketball players will each receive $25,000 in a name, image and likeness deal through the Level 13 Agency based in Lubbock, Texas.
It is believed to be one of the largest teamwide NIL agreements in collegiate women's sports.
Earlier this month, the Matador Club, a collective that supports Texas Tech athletics, said that it would sign all 100 members of the Texas Tech football team to one-year, $25,000 NIL contracts. At the time, the Matador Club said similar deals would be coming for the men's basketball and baseball programs.
Marc McDougal, one of the board members of the Matador Club, is also one of two owners of Level 13, an agency that bills itself as "understanding the connection between marketing, fundraising, and talent management."
According to Texas law, schools cannot be involved with NIL deals, hence the involvement of outside organizations such as the Matador Club and Level 13.
Kirk Noles, the other Level 13 owner, said on the Black Label Radio podcast that it was important for Texas Tech's women athletes, as well as its male athletes, to be supported by NIL deals.
Texas Tech won the 1993 NCAA women's basketball championship behind Hall of Famer Sheryl Swoopes and current Lady Raiders coach Krista Gerlich, and has been to the NCAA tournament 20 times. But the program has struggled in recent years and has not made the NCAA field since 2013.
Texas Tech was 11-18 overall and 4-14 in the Big 12 last season.
"It was a very emotional day to do something for this program," Noles said. "Nobody on the staff or the team had any idea what level we were going to. If you could have seen their faces, that makes it all worth it. I can't stress enough how many people came out specifically in support of the Lady Raider program."