2. a. A four-year institution of higher education shall not prohibit or prevent a student-athlete who participates in intercollegiate athletics from earning compensation as a result of the use of the student-athlete's name, image, or likeness.
b. A four-year institution of higher education or any related entity of an institution may enter into a contract with a student-athlete to directly compensate the student-athlete for use of the student-athlete's name, image, or likeness.
c. Notwithstanding the provisions of subsections a. and b. of this section to the contrary, a student-athlete participating in intercollegiate athletics who is under 21 years of age shall be prohibited from earning compensation as a result of the use of the student-athlete's name, image, or likeness in connection with any person, company, or organization related to or associated with the development, production, distribution, wholesaling, or retailing of: alcohol products, tobacco and electronic smoking products and devices, and cannabis products.