In the past, athletes were not allowed to use their name, image, or likeness (NIL) to generate private profits. However, that ban has recently been lifted. Athletes can now use their NIL in endorsements, sponsorships, social media marketing, autographs, and more, to make money for themselves.  

       Florida was one of the first states to enact legislation immediately allowing athletes to profit from their NILs. The new law promotes fairness by giving athletes equal opportunity to control and profit from the commercial use of their NIL.  

       Currently, the law only stipulates educational requirements and limitations on liability. Colleges and Universities must hold 2 workshops to teach athletes how to manage the financial profits they will receive from their NIL. Additionally, coaches and colleges cannot be liable for any damages to a player's ability to earn NIL profits resulting from routine actions within their college sport.

       The old requirements that athletes had to disclose their NIL deals to their schools and that compensation could only be provided by an unaffiliated third party have been removed under the February 2023 amendment to the law. Nonetheless, schools are still not allowed to pay a player to play for their school, players cannot receive compensation that is tied to their performance, and recruits cannot sign an NIL deal contingent upon attending a particular school. Overall, the new NIL law is favorable to athletes who wish to take advantage of this opportunity.  

 Reach out to Venustas Law with any questions about your NIL deals.