New NIL legislation up for vote this month. Here's what it means for Louisville athletes

Over the last two years, Louisville has added programs to help its athletes take advantage of opportunities made possible by name, image and likeness.

This month, NCAA members will vote on legislation that could protect and help college athletes navigate the NIL landscape.

Here's a closer look at what U of L already is doing and how new legislation, if passed, could impact athletes at Louisville, Kentucky and colleges across the country.

A closer look at Louisville's NIL programs

Over the summer, Louisville continued to add resources to help its athletes pursue NIL opportunities.

U of L announced the creation of the Cardinals NIL Exchange.

Approved businesses, collectives, donors and alumni interested in connecting with U of L athletes can do so through the INFLCR app.

Local and national businesses have access to this app. Athletes can reach out to these businesses directly or vice versa.

The app also provides information sessions for athletes on brand-building. Athletes can track their social media metrics and have resources for information regarding taxes and financial literacy.

In June, The Courier Journal spoke with 502Circle — the official NIL collective for U of L — and its president, Dan Furman, about the different memberships they provide and how businesses can get involved to support U of L athletes.

New NIL policies being voted on this month

NCAA members are voting Jan. 10 on the following proposals:

• Agents or financial advisers can add their names to a registry created by the NCAA. All athletes will have access to this registry, which will provide personal background, business information and a review process with a ranking system where athletes can share their experiences with third-party service providers.

• If an NIL agreement exceeds a specific amount, an athlete would have 30 days to disclose the details of any NIL agreement, arrangement, compensation received, services rendered and term length.

• High school recruits must disclose NIL agreements they have or previously had with a university before receiving a national letter of intent.

• The recommendation of standard contracts for NIL agreements.

• The NCAA would provide educational resources about NIL contracts to help athletes and their families. The NCAA also would provide additional information on types of NIL opportunities, taxable income and selection of third-party service providers.

Reach sports reporter Prince James Story at pstory@gannett.com and follow him on X at @PrinceJStory.

This article originally appeared on Louisville Courier Journal: NIL policies 2024: How votes may impact Louisville, Kentucky athletes