Establishes protections for student-athletes and certain institutions of higher education concerning name, image, or likeness compensation; repeals "New Jersey Fair Play Act."

This bill allows student-athletes at New Jersey's four-year colleges offering athletic scholarships to earn compensation for the use of their name, image, or likeness (NIL), while prohibiting schools from blocking such deals. It permits schools or affiliated entities to directly contract with athletes for NIL compensation, though under-21 athletes cannot receive NIL payments from alcohol, tobacco, or cannabis companies. The bill also requires schools to provide NIL-related education (financial literacy, brand management) to athletes annually and protects schools from NCAA penalties for allowing NIL activities. It repeals New Jersey’s previous NIL law (the "Fair Play Act") and ensures NIL contracts are exempt from public disclosure under state open records law.