On March 20th, 2020, Colorado passed a Name, Image, Likeness (NIL) law for their colleges and institutions. Colorado saw the legislation go live, effective September 1, 2021. Governor Jared Polis signed Senate Bill 20-123 allowing intercollegiate student athletes the ability to earn compensation for the use of their NIL.
Bill
Status
Signed Into Law
Effective
Date
07/01/2021
NCAA
Institutions
16
Estimated
NCAA Athletes
4,800
High School
NIL Legislation
Yes
Last Updated 08/22/22
This bill was introduced to Colorado’s Senate in early January 2020, and took a little under two months to pass through the Senate and the House, and ultimately, be signed into law. Initially, the bill had an effective date of Jan. 1, 2023, but was moved up to reflect the NCAA Interim Policy and go live in the Summer of 2021. The following components have been spelled out from the Bill:
Now that Student-Athletes will have the ability to profit off of their name, image, and likeness, they have to remain conscious about certain thresholds that could have certain tax consequences. Specific to the State of Colorado:
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.
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.
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!
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.
All institutions with NCAA athletic programs are affected by NIL. In the state of Colorado, the following schools will be affected:
D1
D2
D3
NJCAA
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