(1) An institution may, except as provided in Subsection (2), compensate a student athlete directly for use of the student athlete's name, image, or likeness.
(2) An institution may not compensate a student athlete or prospective student athlete for use of the student athlete's name, image, or likeness through:
(a) funds the Legislature appropriates; or
(b) a fee a student attending an institution pays to the institution.
(3)
(a) A student athlete may not enter into a student athlete agreement that contains a prohibited endorsement provision.
(b) A student athlete agreement or any communication, or other material related to a student athlete agreement, including those created before May 1, 2024, is not subject to Title 63G, Chapter 2, Government Records Access and Management Act.
(4) A student athlete attending an institution is not an employee of the institution through:
(a) the student athlete's participation in an athletic program the institution offers; or
(b) the institution compensating the student athlete for use of the student athlete's name, image, or likeness.
(5) The board shall:
(a) beginning fiscal year 2028 and every five years thereafter, conduct an audit of each institution that evaluates:
(i) money an institution expends to directly compensate a student athlete for the use of the student athlete's name, image, or likeness; and
(ii) the implementation and use of payments by an institution to a student athlete for a student athlete's name, image, or likeness; and
(b) prepare and submit a written report for the audit described in Subsection (5)(a) to the Education Interim Committee and the Higher Education Appropriations Subcommittee.
(6) An athletic entity may not:
(a) prevent a student athlete of an institution from fully participating in intercollegiate athletics because the student athlete:
(i) earns compensation through the student athlete's name, image, or likeness; or
(ii) obtains professional representation from an athlete agent or attorney;
(b) prevent an institution from becoming a member of an athletic entity or from participating in intercollegiate athletics that an athletic entity sponsors because a student athlete of an institution or college participating in intercollegiate athletics:
(i) earns compensation from the use of the student athlete's name, image, or likeness; or
(ii) obtains professional representation from an athlete agent or attorney; or
(c) prevent an institution, institutional marketing associate, or third-party entity from creating and supporting opportunities for a student athlete to earn compensation for use of the student athlete's name, image, or likeness.