A big part of Miami’s success this season comes down to the money they’ve put into their roster. The Hurricanes’ 2025 “payroll” through NIL deals reportedly hit around $30 million, putting them among the top-spending programs in college football.

They’ve locked in major deals for key players, especially transfer QB Carson Beck, who signed an NIL deal worth over $4 million, including incentives. Beck’s estimated $4.3 million NIL value was one of the highest in the country at the start of the season.

A lot of the credit goes to Miami’s NIL king, John Ruiz, whose companies have offered deals to more than 100 athletes. With the Canes on the verge of breaking a 25-year gap as a national championship contender, and maybe even winners, it’s clear the financial muscle behind the program has played a huge role.

Who is John Ruiz?

John Ruiz is back, and he’s back with a bang. The Miami NIL King just announced a pre-game party for all the Miami football players, including Titans QB Cam Ward. And it’s not a small gathering, around 1,000 players are invited. For Ruiz, though, this is just another day at the office.

He’s a well-known Miami lawyer and entrepreneur, but even bigger, he’s a “mega-booster” for the University of Miami athletics. Ruiz made waves nationally as one of the pioneers of the NIL era in college sports, committing over $20 million in deals to more than 100 UM athletes since 2021 through his companies. This party? Just another example of his flair for going big.

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Ruiz’s deep connection to Miami runs way beyond NIL. He’s the founder and CEO of MSP Recovery, which rebranded as LifeWallet in 2023. The company focused on medical claims recovery. On top of that, he also owns Cigarette Racing Team, a high-end performance boat manufacturer. His love for the Hurricanes makes perfect sense.

Ruiz attended the University of Miami from 1984 to 1987. It was during the heart of the program’s “Golden Era.” After getting his law degree, he built a hugely successful legal career, specializing in class-action lawsuits. One of his early wins even landed him a $10 million fee from a major diet pill settlement in the late ’90s. Ruiz later launched MSP Recovery.

A SPAC merger in 2022 gave the company a paper valuation of $32 billion, briefly putting Ruiz in billionaire territory. Instead of simply writing donation checks, Ruiz took a different route. Through LifeWallet and Cigarette Racing, he signed more than 100 UM athletes to endorsement deals. High-profile agreements are the $800,000 NIL deal with basketball star Nijel Pack, which helped Miami attract and keep elite talent.

“I thought it was very good marketing at the time,” Ruiz said of the post

Miami is also a family affair for him. His sons played baseball for the Hurricanes, and his daughter graduated from UM’s School of Law. Ruiz even pushed for a privately funded football stadium closer to campus, though the idea ran into major logistical challenges.

It was not all hunky dory for John Ruiz

John Ruiz’s journey hasn’t been without plenty of controversy. Over the past few years, he’s faced heavy scrutiny and multiple investigations tied to both his business dealings and his massive presence in the NIL world. LifeWallet, his medical claims company, drew the attention of both the SEC and the DOJ. The investigations focused on how the company represented its finances to investors, its proprietary algorithms, and its spending habits.

The SEC wrapped up its probe in late 2025 without recommending any enforcement action. But a DOJ grand jury investigation is still ongoing as of early 2026. LifeWallet went public in May 2022 with a valuation north of $32 billion, briefly making Ruiz a billionaire. That high didn’t last long. The stock later crashed to well under $1 per share and was eventually delisted from the Nasdaq in December 2025.

In its own filings, the company even admitted there was “substantial doubt” about its ability to keep operating. Ruiz and his businesses have also been hit with multiple lawsuits from former partners and investors who claim they’re owed millions. In one notable case, a jury handed down a $12 million verdict against one of his company’s subsidiaries over a breach of an oral contract.

Things got even messier on the NCAA side. Investigators found that the head coach arranged an improper meeting and free dinner between Ruiz and the Cavinder twins before their official transfer, which led the NCAA to sanction Miami’s women’s basketball program. While the program took the hit, neither Ruiz nor the athletes faced punishment. Still, Ruiz isn’t stepping away.

Despite the legal noise and public backlash, he’s announced plans to jump back into the NIL space with a new venture called Luminsea. And with the Hurricanes gearing up for their biggest game in 25 years, the Miami NIL king is back in the spotlight, and clearly ready to celebrate.