Abstract
Intercollegiate athletics is experiencing a period of transformation resulting from legal decisions, changes to the National Collegiate Athletic Association's (NCAA) rules and regulations, the organizational restructuring of governance bodies such as athletic conferences, and state legislation. A central consequence of these changes is the /nancial bene/ts that are 0owing to college athletes. A prime example is the ability of college athletes to receive compensation from the commercial use of their name, image, and likeness (NIL). These developments are " reshap[ing] the economic landscape of college sports " 1 and creating a more equitable /nancial relationship between college athletes and their colleges and universities. This emerging reality represents a signi/cant departure from the past, given that for most of its history the NCAA successfully employed the amateur narrative 2 to foster an economic imbalance between college athletes and their institutions. In his concurrence in NCAA v. Alston, Justice Kavanaugh recognized this economic imbalance: The bottom line is that the NCAA and its member colleges are suppressing the pay of student athletes who collectively generate billions of dollars in revenues for colleges every year. Those