NCAA student-athletes now officially have the ability to make money from endorsements. On Wednesday, the NCAA‘s board of directors decided to officially suspend the organization’s rules prohibiting athletes from selling rights to their names, images and likeness, according to ESPN.
“This is an important day for college athletes since they all are now able to take advantage of name, image and likeness opportunities,” NCAA president Mark Emmert said in a statement. “With the variety of state laws adopted across the country, we will continue to work with Congress to develop a solution that will provide clarity on a national level. The current environment – both legal and legislative – prevents us from providing a more permanent solution and the level of detail student-athletes deserve.”
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The new rules will allow athletes to make money by monetizing social media, accounts, teaching camps and starting their own business, signing autographs and taking part in advertising campaigns, just to name a few. Athletes can also sign with agents to help them land endorsement deals. This move was made one day before laws go into effect in more than a dozen states that will make it illegal for schools to enforce the NCAA rules that prohibited athletes from profiting off their name, image and likeness.
Athletes have already announced endorsements deals with the new rules and laws in place. Auburn quarterback Bo Nix has landed a deal with Milo’s a fast-food chain based in Alabama. Georgia running back Kendall Milton has launched his own online store. Miami quarterback D’Eriq King and Florida State quarterback McKenzie Milton signed on as co-founders of Dreamfield, which is a “NIL-based platform focused primarily on booking live events for student-athletes, including autograph signings, meet-and-greets and speaking engagements,” as described by ESPN.
“We’re trying to do something that’s bigger than us,” Milton said. “That’s advocating on behalf of all these athletes, and it’s bigger than the sport. It’s about creating a platform. It’s about using your name, to be able to help yourself, help your families, help your team. We’ve been handcuffed for so long, but now it’s given us the opportunity to expand our toolbox not just as athletes, but as businessmen, entrepreneurs and all sorts of things. So I think it’s going to be great for college athletes to continue to explore new things that garner our interest.” The move also paves way for a new college football video game which EA Sports is developing. The game is scheduled to be released in 2023.
