In a surprising, yet long overdue move, the NCAA has announced that it will allow college athletes to earn compensation for the use of their name, image, and likeness. While the association is in the very early stages of nailing down the details of this change, the board of governors voted unanimously for it.
Michael Drake, the NCAA board chair, said, “We must embrace change to provide the best possible experience for college athletes.”
The timeline for how this change will be implemented hasn’t been outlined yet. This change comes soon after California adopted a law that bans schools from preventing student-athletes from accepting compensation from advertisers and allows them to hire agents.
The NCAA has annual revenues topping $1 billion with its TV rights and marketing fees to things like the NCAA Division 1 basketball tournament. While the NCAA gave strong pushback when this idea was first put on their plates, recent changes have made them loosen up on the issue.