Inspired by the recent discovery of high-temperature superconductivity in bilayer nickelates, we investigate the role of magnetism emerging from a hypothetical insulating $d^8$ parent state. We demonstrate that due to the interplay of superexchange and Hund's coupling, the system can be in a high-spin, low-spin, or spin-gapped state. The low-spin state has singlets across the bilayer in the $d_{z^2}$ orbital, with charge carriers in the $d_{x^2-y^2}$ orbital. Thus, at low energy scales, it behaves as an effective one-band system when hole doped. By contrast, the high-spin state is a more robust, spin-1 antiferromagnet. Using Hartree-Fock methods, we find that for fixed interaction strength and doping, high-spin magnetism remains more robust than the low-spin counterpart. Whether this implies that the high-spin state provides a stronger pairing glue or more strongly competes with superconductivity remains an open question. Our analysis, therefore, underscores the importance of identifying the spin state for understanding superconductivity in nickelates.

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• Magnetism
• High-temperature superconductors
• Nickelates
• Hartree-Fock methods
• Mean field theory