Listen Now: Pay To Play: CA Signs Bill To Make College Athletes Rich
For some college athletes, an acceptance letter could come with a multi-million dollar offer.
California governor Gavin Newsom has signed a bill into law that allows college athletes to be paid for their image or likeness. They will also be allowed to hire agents and promote their own brands. Of course their payday will depend on how talented they are in their chosen sport but it does mark a big change for college sports.
The NCAA is expected to challenge the new law. And now it looks like the pay-to-play program could be going coast to coast with other states now looking at similar legislation. A lawmaker in Brooklyn has introduced a bill with the same benefits plus the promise of fifteen percent of ticket sales going to athletes who played.
South Carolina and Florida are also looking at bills that would put them on the same playing field as California. The plan there is to keep other colleges in other states as competitive as California.
You can get a degree anywhere; a shoe deal is another story.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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