For more than a century after its initiation in 1906, the National Collegiate Athletic Association (NCAA) in the US had imposed a hard restriction on college athletes from earning money from their athletic activities, i.e., student athletes could not receive any monetary benefits in any way from any actors included in the business. The Name, Image, and Likeness (NIL) policy is a concept proposed to let student athletes capitalize on their name, image, and likeness (i.e., branding, reputation, endorsement) to earn money from external sources i.e., sponsors, but the school or the college is still restricted from paying the student athletes or giving any forms of monetary compensation. Currently, the application of the NIL policy takes the form of a state law that only applies to some states that enacted this policy as a part of their legislation.