Quarterback Chevan Cordeiro reached an endorsement deal with Central Pacific Bank, becoming the first University of Hawaii student-athlete to benefit from the NCAA’s new ruling allowing players to profit from their name, image and likeness.
Both sides declined to reveal details of the deal. But Brandt Farias, the bank’s senior vice president/marketing director, indicated the intent was for a long-term partnership. “Absolutely,” Farias said. “We’re starting modest with both sides. We want this to work for him, and we want it to work for ourselves. We intend on building the partnership if it makes sense for both of us.”
The announcement was made initially on Central Pacific’s social media platforms. “And we encouraged Chevan to do the same,” Farias said.
While the full marketing plan has not been announced, it appears certain the deal will use social media to help reach a younger demographic. “He’d be the most appropriate in the social space given who we’re trying to attract,” Farias said.
Spurred by a Supreme Court ruling last month, the NCAA changed a long-standing policy on amateurism and granted permission for student-athletes to benefit from NILs. The stipulation was NIL deals could not be used as an enticement in recruiting nor could schools make direct payments to players.
In states with no NIL laws, schools had to come up with their own policy. UH finalized its NIL guidelines on Thursday morning. Hours later, the CPB-Cordeiro deal, which had been in talks for a month, was announced.
“I’m thankful to Central Pacific Bank for giving me this opportunity,” Cordeiro said in a news release. “This is an exciting development for me and for college athletes in general. I look forward to learning more about how to balance the demands of being a student-athlete and what it takes to be successful in business.”
Sports agent Leigh Steinberg, who has represented eight Hall of Fame football players and served as the inspiration for “Jerry Maguire,” applauded the deal. “What’s more respectable than a bank?” Steinberg said. “In terms of imagery, it’s a good type of product for (Cordeiro) to be associated with.”
Steinberg noted the significance of the Rainbow Warriors being Hawaii’s version of a pro football team.
“The reason people do endorsements is to get a transference of positive image to the product,” Steinberg said. “Here you have a popular local quarterback. This is the first step in the local NIL market. It’s indicative of the fact the college players here have the same profile as pro players in another city. That’s why it’s a good deal for (CPB) to make. … Kudos to the bank and the quarterback for finding each other.”
CPB also has a partnership with surfer Carissa Moore, who will compete in the Tokyo Games.
