The NCAA announced that its Board of Governors will 'start the process' of allowing student-athletes to be compensated for their name, image, and likeness.
The board voted unanimously and is directing all 3 of their divisions to consider updating their bylaws.
"There is so much money flying around, everybody is able to grab it, except for the student-athlete who is actually the talent on the field or the court or the pitch or whatever creating the revenue stream," says Gary Parrish, CBS Sports Writer Columnist, and TV Analyst.
The decision comes almost a month after California passed its 'fair pay to play' law. Allowing college athletes to be paid for their name, image, and likeness starting in 2023. This includes marketing, sponsorship deals, autograph signings - all things that college athletes aren`t permitted to benefit from right now.
"The NCAA believes that it is critical, they need everybody operating under the same set of rules," said Parrish.
Today's decision by the NCAA comes with some guidelines:
- Make a clear distinction between collegiate and professional sports.
- Make it clear that athletes will not be paid for their performance or participation in college sports.
- Reaffirm that student-athletes will be students first and not employees of the university.
Other states have followed in California's footsteps. Illinois, New York, and Florida have also introduced bills to allow college athletes to benefit from endorsements. If more states jump on board and the NCAA doesn't change their rules, they could lose significant revenue.