Intercollegiate athletics; student-athletes, compensation for name, image, or likeness.

Intercollegiate athletics; student-athletes; compensation for name, image, or likeness. Makes several changes to existing provisions of law relating to compensation of a student-athlete at a public or private institution of higher education in the Commonwealth (institution) for the use of the name, image, or likeness of such student-athlete, including (i) prohibiting any athletic association, athletic conference, or other organization with authority over intercollegiate athletics from preventing an institution, its supporting foundations, or an entity acting on its behalf from identifying, creating, negotiating, facilitating, supporting, engaging with, assisting with, or otherwise enabling a name, image, or likeness opportunity for a student-athlete; (ii) requiring each institution to develop and submit to the institution's governing board or similar governing body for approval institutional policies or procedures that govern the compensation of a student-athlete for the use of his name, image, or likeness; and (iii) permitting any institution to provide assets, resources, or benefits as an incentive to individuals, companies, or other entities to provide money, benefits, opportunities, or services to an outside entity that supports name, image, or likeness opportunities for the institution's student-athletes. The foregoing provisions of the bill have a delayed effective date of November 15, 2024. The bill also requires the Intercollegiate Athletics Review Commission to review plans and implementation considerations for the provisions of the bill and provide a report on its review to the General Assembly no later than November 1, 2024.