On July 1, 2021, the NCAA halted enforcement of its amateurism rules, permitting states to put forth name, image, and likeness (NIL) laws which enabled student-athletes to generate income and receive financial benefits through sponsorships and other commercial agreements with businesses and organizations. Since student-athletes were granted permission to use their names and own branding to make money, NIL has exploded on a national level. Following multiple court decisions involving the Supreme Court, primarily in the cases of O'Bannon v. NCAA (2014) and more recently NCAA v. Alston (2021), NIL has changed the environment surrounding college sports in many ways to be considered significant. The purpose of the research is to explore the structure of NIL, what rules have changed regarding athletes and their NCAA eligibility, and the impacts of NIL on the athletes, sports programs, businesses, and education (including universities and personal observations). NIL represents more than a policy shift, and this source is meant to bridge discussions of sport management, legal reform, and social relevance, contributing to a deeper understanding of how economic opportunity and equity intersect in modern athletics