Getty Images

The NCAA Division I Council has voted to create standards for name, image and likeness contracts in an effort protect athletes. The decision came during the organization's annual convention on Wednesday. 

The NCAA will compile standard terms for NIL contracts to ensure that athletes are not taken advantage of by misleading terms from collectives. It will also work with schools and collectives to distribute aggregate NIL data to bring some transparency to the market. Additionally, the NCAA plans to create a registry of approved agents based on feedback from previous clients in an attempt to limit bad actors.

"We don't want to do anything to get into the way of student-athletes trying to active their NIL rights, but we do want to assist them in essentially protecting themselves," MAC commissioner Jon Steinbrecher told ESPN.

Mystery and alleged deceit surrounding the NIL black market has been one of the biggest issues facing college sports since NIL launched in earnest in July 2021. Even 18 months later, there is little transparency when it comes to going rates for athletes in any sport. While some athletes have been able to profit off of a confused marketplace, many others do not have clarity when it comes to their market value or rights. 

The guideline change by the NCAA is one of the first formal changes in policy that acknowledges the reality of NIL money in the collegiate marketplace. According to ESPN, the NCAA has also proposed further legislation that would allow the NCAA and schools to help "facilitate" NIL deals. 

NCAA president Charlie Baker will give a State of the NCAA speech at the convention on Wednesday night where he is expected to talk about his proposal for a separate subdivision involving direct payment to athletes via a trust. Baker has openly advocated for the NCAA to be more progressive on its acceptance of compensation in the marketplace.