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Baylor Bears vs. the Gonzaga Bulldogs during the National Championship game of the 2021 NCAA Men's Basketball Tournament in April 2021. Photo: Tim Nwachukwu/Getty Images

Governance bodies in all three NCAA divisions on Wednesday approved an interim policy allowing college athletes to profit from their name, image and likeness (NIL).

Why it matters: The decision marks a seismic revamp of the NCAA's amateurism bylaws and allows athletes to begin profiting from their personal brands starting Thursday. It also comes just one day before NIL laws in at least eight states take effect.

  • The NCAA Division I recommended the change in policy on Monday.

The big picture: The interim policy will remain in place until new federal legislation is drafted or the NCAA creates new NIL rules.

  • Athletes can profit off their personal brands in activities consistent with the law of the state where the school is located, the NCAA said. "College athletes who attend a school in a state without an NIL law can engage in this type of activity without violating NCAA rules related to name, image and likeness."
  • All NIL activities should be reported to the athlete's school.
  • The policy "preserves the commitment to avoid pay-for-play and improper inducements tied to choosing to attend a particular school. Those rules remain in effect," the NCAA said.

What they're saying: NCAA president Mark Emmert called the decision "an important day for college athletes."

  • “With the variety of state laws adopted across the country, we will continue to work with Congress to develop a solution that will provide clarity on a national level," he said. "The current environment — both legal and legislative — prevents us from providing a more permanent solution and the level of detail student-athletes deserve."

Go deeper

Sep 29, 2021 - Sports

NCAA to use "March Madness" brand for women's basketball tournament

The Stanford Cardinal celebrate the win over the Arizona Wildcats during the National Championship game of the 2021 NCAA Women's Basketball Tournament on April 4. Photo: Elsa/Getty Images

The NCAA Division I women's basketball tournament in 2022 will use the "March Madness" branding that has long been used only for the men's tournament, the NCAA announced Wednesday.

Why it matters: The announcement comes after gender inequities at the men's and women's NCAA basketball tournaments in 2021 sparked national outrage.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.

50 mins ago - Technology

Exclusive: YouTube shuts down two Oath Keepers channels

Stewart Rhodes, founder of Oath Keepers. (Photo: Aaron C. Davis/The Washington Post via Getty Images)

YouTube has deactivated two channels linked to the Oath Keepers militia group whose members have been charged in relation to the January 6 Capitol riot, the company told Axios.

The big picture: Social media platforms that were used to plan or promote the Capitol attack have moved with varying degrees of speed to bar the accounts involved.