What is the Colorado NIL Law?
The Colorado NIL Law states that athletes cannot enter into NIL contracts that conflict with team contracts. Team contracts cannot prevent athletes from engaging in NIL activities outside official team activities. An athlete must disclose an NIL contract to the athletic director at their school within 72 hours after entering into it or before their next scheduled athletic event, whichever is sooner. Schools cannot provide compensation to current or prospective student athletes, pay prospective student athletes for their athletic ability or performance or potential athletic ability or performance, or prevent student athletes from hiring advisors, attorneys, or other professional representation related to NIL contracts.
When does Colorado NIL Compliance Start?
Colorado NIL started on July 1, 2021, per the NCAA Interim Policies and with the passage of Senate Bill 20-123, Colorado State NIL laws also took effect on July 1, 2021.
How does Colorado NIL affect NCAA Student-Athletes?
Colorado NCAA Student-Athletes will be able to earn compensation for the use of her or his name, image, or likeness (NIL) through a multitude of different opportunities. Student-Athletes can now make money for things such as endorsements, sponsorships, appearances, autographs, memorabilia, podcasts, camps, clinics, private lessons, crowdfunding, and many more!
What are Colorado Name, Image, and Likeness Best Practices?
Both athletes and administrators in the State of Colorado should start by making sure they have a proper understanding of the rules and regulations set forth by Senate Bill 20-123. A working knowledge of the ‘Dos and Don’ts’ for Colorado NIL will allow all parties to safely and successfully navigate the new landscape. The next most important aspect would be the compliance component of NIL. Not only do students need to make sure they are entering agreements that are compliant with the passed state regulations, but they need to make sure they are transparent with their school to avoid any institutional conflicts.