It may have started with California Governor Gavin Newsom signing a bill that would allow college athletes attending universities in California to sign endorsement deals, but it looks like the National Collegiate Athletic Association (NCAA) just voted to do the same for all college athletes. Why the change of heart from the NCAA? The organization was feeling pressure to change outdated and unfair bylaws that restricted student athletes from financially benefiting from their athletic performances and popularity. In other words, student athletes were not allowed to sign any endorsement deals and make money off of their name, image, or likeness. Meanwhile though, the NCAA made $1 billion in the 2016-2017 school year from collegiate sports, and institutions made money off of their student athletes as well.
Earlier this month, the NCAA changed its tune and voted unanimously to allow students to benefit from their name, image, or likeness, and asked that all NCAA division colleges and universities update their bylaws by January 2021 to reflect the decision. What did one of the biggest supporters of this change say when this announcement was made? LA Lakers’ LeBron James tweeted, “[It’s] a beautiful day for all college athletes going forward from this day on!”