After much ado about everything, the NCAA took a major step toward allowing college athletes the privilege of financially benefiting off of their image and likeness.
For the first time ever, the athletes would get compensation for third-party endorsements, social media influence, personal appearances and their own businesses.
If all the rules are created with no snags, it looks like the naming, image and likeness rights would be in effect for the 2021-22 athletic season.
More information below, and here from CBS Sports: https://www.cbssports.com/college-football/news/ncaa-takes-big-step-toward-allowing-name-image-and-likeness-compensation-for-athletes/
How athletes could be paid
- Third-party endorsements, such as promoting a product or service on television, radio or in advertisements
- Social media influencing, such as modeling or promoting a product or service in exchange for samples or compensation through Twitter, Instagram, TikTok, Facebook, etc.
- Their own work product or business activities, including digital content creation (podcasts, YouTube videos, streaming video games with monetization via advertisements, paywalls, etc.), utilization of talents (athletic lessons), music, art, etc.
- Personal promotions like autograph signings or meet and greets
- There will be no cap on endorsement earnings for athletes
Key restrictions
- Athletes or third parties cannot use a intellectual property (logos, trademarks) from school or conferences in endorsements
- Schools or conferences cannot make endorsement payments themselves
- Schools or conferences cannot facilitate or help athletes locate or arrange endorsements
- Schools cannot use — or allow boosters to use — endorsements as a means of paying for enrollment or participation in athletics
