Rutgers University is in a race to keep up with a new college sports landscape that allows athletes to cash in off their name and image.

Alumni and donors have come together to raise more than $700,000 for the athletes. The Knights of the Raritan helps Rutgers athletes score so-called “NIL” deals. The athletes can sell their names, images and likeness.

In a $1 billion industry, Rutgers spends way more than it makes. The university racks up tens of millions of dollars in bills in a given year.

But for their teams to thrive, they need more cash from new sources. This is where the Knights of the Raritan come in.

"A way to reward Rutgers student-athletes that are on campus already so that other schools can't woo them away with bigger opportunities,” says Jon Newman, the organization’s president.

This is why the group is creating a pot of money to pay athletes to promote the fundraising group, which is also trying to broker deals with local businesses.

Newman says that everyone who plays football or basketball at Rutgers this year will have a contract. He says that being the best is not always the most important.

"A lot of people who come to us are asking, ‘Who has a lot of followers on social media? So we can take advantage of that,’” Newman says.

But he says Rutgers has trailed behind its Big 10 peers in raising money. He says that the biggest names on campus are speaking out to rally support.

“It’s a different way of thinking and it’s a sudden change,” says Rutgers Football Coach Greg Schiano.

Schiano says NIL deals are the program’s biggest problem.

“Do your boosters, do your local businesses - do they feel the need? Is it that important for them to step up?” Schiano asked.

Still, it goes beyond the star athletes. Sean DeDeyn is a former Rutgers wrestler who didn't get any scholarship money until later in college.

"My mom left late in high school and my father worked two jobs and it would have made my focus be solely on academics and competing as opposed to how I’m going pay my rent,” DeDeyn says.

He says he had no meal plan. His girlfriend, now wife, would sneak him into the dining hall. It's why his staffing company, the Axel Group, has signed three current wrestlers to NIL deals.

"They're responsible for some social media stuff, some brand awareness for Knights of the Raritan and the Axel Group,” DeDeyn says.

It also includes a podcast and coaching youth clinics. DeDeyn says it is a win for his business, the athletes and the community.

The Knights of the Raritan want to raise $1 million. Boosters have done more than 60 NIL deals with athletes on 15 of the 24 teams at Rutgers.

Newman wouldn't say how much the deals are worth, to avoid tipping off other schools, along with citing privacy for the athletes.