Compensation of student-athlete for use of name, image, or likeness -- Compensation from institution -- Agreements -- Restrictions

Compensation from institution -- Agreements -- Restrictions. (1) A student-athlete may receive compensation for the use of the athlete's name, image, or likeness through a name, image, and likeness agreement with a third party. Such compensation shall be consistent with the prevailing range of compensation for the authorized use of the athlete's name, image, or likeness. (2) A student-athlete may receive compensation from an institution or its affiliated corporation, including but not limited to sharing revenue as permitted or required by a legal settlement or applicable law, by entering into a written institutional agreement with the institution or affiliated corporation. Such compensation may be in exchange for the use of the student-athlete's name, image, or likeness, institutional brand promotion, or other rights. (3) An institution or affiliated corporation may designate, through contract, sublicense, or other written agreement, a media rights holder or one (1) or more other third parties with whom an institution's student-athletes may directly enter into NIL agreements consistent with the prevailing range of compensation. (4) A student-athlete shall not enter into an NIL agreement to receive compensation from a third party relating to the endorsement or promotion of: (a) Sports betting; (b) A controlled substance; (c) A substance the student-athlete's intercollegiate athletic association forbids the athlete from using; (d) Adult entertainment; or (e) Products or services that would be illegal for the student-athlete to possess or receive.