(a) Compensation allowed.--A college student athlete may earn compensation for the use of the college student athlete's name, image or likeness under this chapter. The compensation shall be commensurate with the market value of the college student athlete's name, image or likeness. The compensation may not be provided in exchange, in whole or in part, for a current or prospective college student athlete to attend, participate or perform at a particular institution of higher education.

(b) Prohibition regarding institutions of higher education.--An institution of higher education may not uphold a rule, requirement, standard or other limitation that prevents a college student athlete of the institution of higher education from earning compensation through the use of the college student athlete's name, image or likeness rights.

(c) Prohibitions regarding intercollegiate athletic entities.--An athletic association, conference or other group or organization with authority over intercollegiate athletics, including the NCAA, may not:

(d) Royalty payment.--A person that produces a college team jersey, a college team video game or college team trading cards for the purpose of making a profit shall make a royalty payment to each college student athlete whose name, image, likeness or other individually identifiable feature is used.