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The University of California Golden Bears would be affected by this law. Photo: Thearon W. Henderson/Getty Images

California Gov. Gavin Newsom signed a bill into law Monday that allows the state's college athletes to accept endorsement deals based on their player brand starting in 2023.

Why it matters: The law, which the NCAA has fervently argued against, rocks the decades-long precedent set by the organization to prevent collegiate athletes from being paid. If the law survives any challenges in court, it will change the business of college sports as we know it.

  • The New York Times reports that student athletes in California could have to leave the NCAA or openly defy its rules, leading to fines.

What they're saying: The NCAA urged to the governor not to sign it weeks ago, arguing the "Fair Pay" bill was "unconstitutional."

  • The NCAA said in a statement Monday that it "will consider next steps in California while our members move forward with ongoing efforts to make adjustments to NCAA name, image and likeness rules that are both realistic in modern society and tied to higher education."
  • NBA player LeBron James tweeted: "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."
  • California Sen. Kamala Harris tweeted: "Thank you @GavinNewsom for his leadership on this issue and @Ed_OBannon for his long-fought advocacy. Again, California is leading the way. College athletes should own the rights to their name, image, and likeness."

Go deeper

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Peloton's wild ride and possible buyers

Illustration: Megan Robinson/Axios

Peloton is having a bumpy ride, and has become a source of fascination among even those who've never invested or clipped in.

Driving the news: On Monday, a hedge fund with less than a 5% stake in Peloton called for CEO John Foley to be fired and for the connected fitness company to consider seeking a strategic buyer. Shares gained nearly 10% on the news, but remained down 16.2% for the year and off 80% their December 2020 peak.

Scoop: Republicans probe NBC over Beijing Olympics coverage

Photo: Oscar del Pozo/AFP via Getty Images

Republican leaders on the House Energy and Commerce Committee have sent a letter to NBC Universal executives voicing concerns about "the extent of influence the CCP (Chinese Communist Party) may have over NBCUniversal’s coverage of the games."

Why it matters: The human rights abuses committed by the CCP have been the subject of intense scrutiny ahead of this year's Winter Games in Beijing. Activists last year sent a letter to NBC executives urging the network to cancel plans to cover the Olympics.

Scoop: Trump's new social network quietly courting influencers

Illustration: Lazaro Gamio/Axios

Former President Trump’s elusive new social media network Truth Social — which plans to go public — is reaching out to internet influencers asking them to “reserve their spots” for when it launches in February or March.

Why it matters: The outreach doesn’t mention Trump’s name or affiliation. Some influencers suggest that could be a ploy to enlist their support without realizing the affiliation.