Can college basketball players get paid now?

I'm a huge college basketball fan, and I've heard that there have been recent changes in regulations about paying college athletes. Can college basketball players get paid now? If so, how does the process work? Are there any limitations on the amount they can receive?

Yes, college basketball players can now earn compensation, primarily through Name, Image, and Likeness (NIL) deals. This change in regulations went into effect in July 2021, when the NCAA adopted an interim policy that allows student-athletes to monetize their NIL. This means players can now profit from endorsements, sponsorships, advertisements, social media, and autographs, among other potential opportunities.

The process generally works by allowing student-athletes to seek and secure their own deals independently, or in some cases, with the help of an agent or advisor. Schools are not involved in these deals, and they cannot directly pay student-athletes for their NIL. It's essential for athletes to be aware of the specific rules and guidelines in their state and school, as these regulations may vary significantly.

Limitations on athletes' earnings largely depend on the guidelines set forth by individual state laws, NCAA, and the athletes' specific college or university. Some limitations may include restrictions on certain kinds of businesses or industries with which student-athletes can sign deals (e.g., alcohol, tobacco, etc.). Additionally, athletes may not be allowed to bring into disrepute the school or use its trademarks, logos, or other intellectual property in their NIL activities without permission.

However, there is no cap on the amount of money that athletes can earn from NIL deals, so long as the compensation is considered "market value" – meaning it reflects a fair price for the use of the athlete's NIL, rather than being an under-the-table payment intended to secure their enrollment at a specific school.

Overall, the new regulations provide an opportunity for college basketball players, as well as other student-athletes, to earn compensation for their NIL rights while they're still pursuing their education and athletic careers.