OK SB490

Postsecondary institutions and authorized third parties may pay current or prospective student athletes for name, image, and likeness (NIL) rights and enter into exclusive or non-exclusive licensing agreements, but state-allocated funds are prohibited from being used for such payments

Student athletes receiving NIL payments shall not be classified as employees of the institution or athletic association, and payments shall not affect eligibility for athletic grants-in-aid

Removes the previous 72-hour disclosure deadline for NIL contracts; athletes must now disclose contracts in a manner designated by the institution

Institutions may revoke or rescind agreements, grants-in-aid, or benefits to athletes who receive payments not permitted by the Act or athletic association rules, with protection from liability for such decisions

NIL contracts formed during athletic participation may not extend beyond the athlete's eligibility to participate in intercollegiate athletics, replacing the previous restriction tied to participation at a specific institution