New on Sports Illustrated: Georgia NIL Law Would Allow Schools to Pool, Redistribute Athletes' Endorsement Money ~ latest sports news today -Livestream

New on Sports Illustrated: Georgia NIL Law Would Allow Schools to Pool, Redistribute Athletes' Endorsement Money

Georgia's new law allows college athletes in the state to earn money off of their name, image, and likeness, but schools can take up to 75% of their money.

Georgia Governor Brian Kemp signed House Bill 617 on Thursday, which will allow college athletes in the state to earn money off of their name, image, and likeness starting on July 1.

“I believe it sets Georgia on the path to accomplish something that quite honestly should have been done a long time ago,” Kemp

said during a bill-signing ceremony at UGA Thursday.

“Thanks to [the bill], student athletes from across the country will have Georgia on their mind when they’re looking for a campus and a university that can give them a world-class education but also the chance to compete at the highest levels of college athletics.”

However, the new legislation contains a twist. Schools can require athletes to pool up to 74.99% of their money earned in an escrow account that would then be shared with other athletes. However, it would not be able to be withdrawn until a year after they graduate/leave school.

It is up to the schools whether or not they instate this requirement.

Additionally, the bill requires college athletes in the state to take five hours of a financial literacy and life skills workshop to prepare for receiving the compensation.

Georgia's bill comes less than a week after Florida lawmakers reversed course for the second time on when their NIL bill would take effect, passing an amendment to flip the decision to delay when its name, image and likeness (NIL) legislation would be effective.

Once governor Ron DeSantis signs the bill, Florida college athletes can profit from their name, image and likeness starting on July 1, 2021—the original date in the bill passed last year.

Meanwhile, there are still several federal NIL proposals up for consideration, and the NCAA is still awaiting a ruling from the Supreme Court on the NCAA v. Alston case for its own NIL legislation.

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