Colorado Governor Jared Polis signed a "fair pay to play" bill, allowing college athletes in the state to profit off their names and likenesses.
Per USA Today's Steve Berkowitz, Polis signed the bill Friday, and it will take effect Jan. 1, 2023.
Colorado becomes the second state to implement the policy for student-athletes. California was the first state to implement a law like Colorado's when governor Gavin Newsom signed a bill last September.
LeBron James @KingJames
I’m so incredibly proud to share this moment with all of you. @gavinnewsom came to The Shop to do something that will change the lives for countless athletes who deserve it! @uninterrupted hosted the formal signing for SB 206 allowing college athletes to responsibly get paid. https://t.co/NZQGg6PY9d
The California bill, like the one for Colorado, will go into effect Jan. 1, 2023.
Berkowitz noted there are similar bills pending to the ones signed by Polis and Newsom in 20 different states, including New York and Illinois.
The Colorado bill also specifically prohibits universities from providing prospective students with financial compensation before signing their scholarship offer or financial aid agreement.
The NCAA Board of Governors unanimously voted in October to allow student-athletes to profit off their names, images and likenesses yet is still working on specific rules regarding how players will benefit. The hope is to have those rules established by January 2021.