Ohio State President and board chairman Michael Drake called it an "unprecedented" move by the NCAA.
"At its meeting this week, the Board of Governors supported rule changes to allow student-athletes to receive compensation for third-party endorsements both related to and separate from athletics", the NCAA said in its release.
College sports are hugely popular in the United States, with basketball and American football teams garnering national news coverage as well as primetime television viewing.
The Board of Governors voted to approve the rules changes Wednesday and the results were announced by the NCAA on Thursday morning.
Among other things, athletes can not wear school-branded apparel in personal endorsement deals.
Wednesday's landmark news comes on the heels of six months of discussions from the group the Board of Governors appointed to create recommendations for rules that would allow name, image and likeness compensation for college athletes to exist.
California was the first state to pass a bill that will prohibit colleges from punishing athletes for accepting endorsement money from a third party beginning in 2023.
Despite the NCAA's Board of Directors' recommendation that the one-time transfer waiver be tabled for this academic year, MAC commissioner Jon Steinbrecher - who headed up the Transfer Waiver Working Group - told Stadium that he remains optimistic that it will be implemented prior to the 2021-22 season. They will not be allowed to use school or conference logos as part of their endorsements.
They must disclose the financial terms of their contracts with athletic departments or face potential penalties to their eligibility.
Details about how boosters will be regulated to ensure payments are not being made as a recruiting inducement will still have to be worked out before the rules take effect, Ackerman said.
First-year Kansas football coach Les Miles took more of a big picture view of the hypothetical scenario, considering how a place like Lawrence, or other small college towns, would hold up against the seemingly endless endorsement opportunities offered by businesses in larger cities and states.
- Safeguarding the nonemployment status of student-athletes.
Enhancing principles of diversity, inclusion and gender equity. "They've got the players jersey on, even though it's not his name on the back, but we know".
The NCAA fought against allowing athletes to be compensated for name, image and likeness for years, including in court.
Walker said argued that Congressional involvement isn't a necessity. "I am sure those same lawyers can help them navigate this action without congressional intervention". Prior to his arrival in Durham, he worked for newspapers in Columbia and Spartanburg, S.C., Biloxi, Miss., and Charlotte covering beats including the NFL's Carolina Panthers and New Orleans Saints, University of SC athletics and the S.C. General Assembly.