Congress Closer To Letting College Athletes Profit Off Image, Report Says - Forbes

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Topline

Several U.S. senators are in "deep negotiations" on a bipartisan bill that would open the door for college athletes to make money off their name, image and likeness, according to Sports Illustrated, a big win for athletes who have been lobbying for this for many years.

Key Facts

The senators are led by Sen. Maria Cantwell (D-Wash.), but Republicans like Sen. Jerry Moran (R-Kan.) are also reportedly working on the legislation.

The discussions come as six states are set to allow athletes to start collecting money off the use of their name, image and likeness on July 1: Florida, Georgia, Tennessee, Alabama, New Mexico and Mississippi.

At least 15 states in total have had name, image and likeness bills signed into law, while legislation has been introduced in another 21 states, according to an Axios tracker.

Letting athletes earn this money has long been banned by the National Collegiate Athletic Association, but NCAA President Mark Emmert said the organization will not stand in the way of athletes collecting money in states where laws have been passed.

Big Number

$1.5 billion. That's how much college football's 25 most valuable teams earn in combined profit in an average year, according to Forbes' most recent "College Football's Most Valuable Teams" list.

Key Background

College sports generates a tremendous amount of money for universities, but college athletes have long been given little more than a scholarship in return. Polling has consistently shown a majority of Americans believe college athletes should be paid more though, and NCAA officials have started showing support for allowing players to profit off the use of name, image and likeness. But the governing body has stopped short of adopting these policies while it awaits the result of the NCAA v. Alston antitrust case set to be heard by the U.S. Supreme Court, which centers around the issue of player compensation. The NCAA is arguing it's an amateur sporting association, and therefore athletes can’t be compensated this way..

What To Watch For

The new laws being enacted could have a major impact on recruiting for college sports, which is already highly competitive. Universities in states allowing players to make money off their name, image and likeness would appear set to gain a massive recruiting advantage.