Within ESAs 2015 - 2025 Cosmic Vision framework the EUCLID mission satellite addresses cosmological questions related to dark matter and dark energy. EUCLID is equipped with two instruments that are simultaneously observing patches of > 0.5 square degree on the sky. The VIS visual light high spacial resolution imager and the NISP near infrared spectrometer and photometer are separated by a di-chroic beam splitter. Having a large FoV (larger than the full moon disk), together with high demands on the optical performance and strong requirements on in flight stability lead to very challenging demands on alignment and post launch { post cool-down optical element position. The role of an accurate and trust-worthy tolerance analysis which is well adopted to the stepwise integration and alignment concept, as well as to the missions stability properties is therefore crucial for the missions success. With this paper we present a new iteration of the baseline tolerancing concept for EUCLID NISP. All 7 operational modes being low resolution slit-less spectroscopy and three band Y, J& H+ band photometry are being toleranced together. During the design process it was noted that the desired performance can only be reached when alignment and tolerancing methods are closely connected and optimized together. Utilizing computer generated - multi zone - holograms to align and cross reference the four lenses of the NISP optical system. We show our plan to verify these holograms and what alignment sensitivities we reach. In the main section we present the result of the tolerancing and the main contributers that drive the mechanical and thermal design of the NISO optical subsystems. This analysis presents the design status of NISP at the system PDR of the mission.