Colorado Gov. Jared Polis signed a bill on Friday that will allow amateur athletes to profit off of their names, images, and likenesses, reports USA Today's Steve Berkowitz.

The law is set to take effect on Jan. 1, 2023, the same day as California's similar Fair Pay to Play Act.

The bill in Colorado is aimed at allowing student-athletes to receive endorsements without sacrificing their college athletics eligibility. One of the bill's sponsors, Rep. Leslie Herod, envisions a situation in which student-athletes can receive endorsement money from “social media, a local pizza shop, and things like that.”

However, collegiate programs will be unable to compensate athletes until they sign a scholarship offer or a financial aid agreement.

In October, the NCAA's board of governors directed its three divisions to begin making bylaw changes that would allow student-athletes to benefit from the use of their names, images, and likenesses, but "in a manner consistent with the collegiate model."