John Ruiz, once dubbed the Miami NIL king, is gearing up to host a massive pregame bash at his place. The party celebrates the Miami Hurricanes’ first shot at the College Football Playoff national championship.
They’re expecting about 1,000 guests—former Miami players, big names, and plenty of fans. It’s a major moment for the Miami crowd and a pretty loud reminder of how much Name, Image, and Likeness (NIL) deals have shaped the university’s sports scene.
Ruiz played a massive part in Miami’s early NIL moves. Now, he’s looking to jump back into the game with a new business venture.
The Rise of John Ruiz and Miami’s NIL Success
To really get what’s fueled Miami’s recent athletic run, you’ve got to look at NIL deals—and at the guy who drove them: John Ruiz.
Back in 2021, Florida’s push for NIL rights nudged the NCAA to open up the industry, letting athletes cash in on their name, image, and likeness. Ruiz, a wealthy Miami donor, pounced on the chance to promote his businesses and back Miami athletes at the same time.
Early NIL Strategy and Impact
Ruiz’s companies—MSP Recovery (which later became LifeWallet) and Cigarette Racing—handed out marketing deals to over 100 Miami athletes. At one point, half the Hurricanes football roster had an NIL deal with one of his businesses.
He was basically a one-man NIL collective before those were even a thing. That’s not an exaggeration—it was wild to watch.
- MSP Recovery/LifeWallet: This company focused on getting payments back for insurers and went public in 2022 with a sky-high $32 billion valuation.
- Cigarette Racing: Ruiz bought this boat company in 2021, then used it to offer even more NIL deals.
At his peak, Ruiz’s net worth was at least $1 billion. He poured about $20 million into NIL deals, backing roughly 150 athletes.
His efforts gave Miami a real recruiting edge. Word got out quickly—if you played for Miami, you stood a good chance of landing a lucrative NIL deal.
The Decline of Ruiz’s NIL Influence
But things changed. Ruiz’s sway over Miami’s NIL scene faded as his businesses ran into trouble.
LifeWallet struggled. By 2024, Ruiz was off the Forbes billionaire list.
MSP Recovery was delisted from the Nasdaq in December 2025. LifeWallet ended up under investigation by the U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of Florida.
Impact on NIL Deals
As Ruiz’s business empire stumbled, his ability to offer NIL deals dried up. He slowly slipped out of the Miami spotlight.
Canes Connection, a new NIL collective, stepped in to fill the gap. It launched in 2022 and quickly became the main source of NIL deals for Miami athletes, blending donations and brand partnerships to keep the money flowing.
- Canes Connection: This collective took over Miami’s NIL efforts and landed some big deals, including a headline-grabbing contract for transfer quarterback Carson Beck worth over $4 million.
Under head coach Mario Cristobal, Miami’s football staff and Canes Connection worked together to find and recruit top talent. They offered strong compensation packages and kept Miami competitive at the highest level.
Ruiz’s Planned Return to the NIL Scene
Even after all those setbacks, Ruiz isn’t done. He’s planning a comeback with a new venture: Luminsea, a marine-technology company.
He’s hinted he’ll start offering NIL deals through Luminsea soon. Maybe it’s a new chapter for Miami athletes—and for Ruiz himself. Guess we’ll see.
Future Prospects
Ruiz is back in the mix, but just how involved he’ll be is anyone’s guess. Still, his return could shake up Miami’s NIL scene in a big way.
He’s prepping a batch of new NIL deals, and honestly, that could mean a lot for Miami’s recruiting and on-field success. The timing’s interesting too, since Miami’s still figuring out the whole NIL and revenue-sharing landscape.
- Luminsea: This is Ruiz’s new marine-technology company, and it’s apparently the vehicle for those upcoming NIL deals.
Ruiz’s run as Miami’s so-called NIL king has had its rough patches, but he hasn’t lost his drive to back Miami athletes. The Hurricanes are gearing up for a national championship game, and you can’t really ignore how much Ruiz has shaped the story—whether that’s in the past, right now, or looking ahead.
If you want to dig deeper into John Ruiz’s path and how Miami handles NIL, check out the full article on Front Office Sports.
- Schools Covered
- College Football Articles
- Men's College Basketball Articles
- Men's College Soccer Articles
- Women's College Basketball Articles
- Olympic Athlete Articles
- Men's College Baseball Articles
- College Sports Media Professionals Articles
- Hall of Fame Member Articles
- Former College Player Articles
- Game Previews
