NCAA policy allows BYU athletes to monetize names, images and likenesses
After months of discussion and speculation, the NCAA Division I Board of Directors reached a decision Wednesday to approve an interim policy regarding athletes profiting from their names, images and likenesses (NIL), as reported below by Nicole Auerbach of The Athletic.
The new regulations will go into effect July 1 and mark the first time that college athletes can sign endorsement deals, charge for autographs, sell merchandise or use social media as a means for financial gain.
BYU was prepared for such news with its recent Built4Life initiative, which sets out to “support student-athletes in developing critical life skills, facilitating appropriate professional engagement…all while they have opportunities to monetize their own name, image and likeness.”
Athletic director Tom Holmoe said that BYU is approaching NIL in a different, more long-term way through the Built4Life initiative, but still “welcomes student-athletes to monetize their own personal brands, and make as much money as they can.”
Some fans began to speculate and joke about the types of endorsements and that BYU athletes could strike up with local and national brands. Several athletes, including Shaylee Gonzales of the women’s basketball team, already own a considerable social media following and would appear primed to profit off of the new policy.