(CNN) Starting Thursday, college athletes will have the opportunity to make money from their name, image and likeness (NIL) after the NCAA Board of Governors approved an interim policy that gives student-athletes in all three divisions the ability to profit from sponsorship opportunities for the first time.
"This is an important day for college athletes since they all are now able to take advantage of name, image and likeness opportunities," NCAA President Mark Emmert said in a news release.
The policy remains under interim status while the NCAA works with Congress and states to come up with a national framework. "The current environment -- both legal and legislative -- prevents us from providing a more permanent solution and the level of detail student-athletes deserve," Emmert said.
The move comes after the Supreme Court unanimously decided last week that student-athletes could receive education-related payments. The case could reshape college sports by allowing more money from a billion-dollar industry to go to the athletes.
College sports raise billions of dollars from ticket sales, television contracts and merchandise, and supporters of the students say the players are being exploited and barred from the opportunity to monetize their talents.