Stanford's Gabe Reid and Jonathan McGill celebrate a sack. Photo: Thearon W. Henderson/Getty Images

The NCAA's Board of Governors voted Tuesday to allow college athletes to receive compensation for their names, images and likenesses.

Why it matters: In the end, California won. Gov. Gavin Newsom signed a bill into in September that allows the state's college athletes to accept endorsement deals by 2023, upending the decades-long precedent set by the NCAA to prevent collegiate athletes from being paid.

What they're saying: Michael V. Drake, the board's chair and president of the Ohio State University, said in a statement, "We must embrace change to provide the best possible experience for college athletes."

  • "This modernization for the future is a natural extension of the numerous steps NCAA members have taken in recent years to improve support for student-athletes, including full cost of attendance and guaranteed scholarships."

Go deeper: NCAA coaches react to California law allowing student-athletes to be paid

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