A. Any postsecondary education institution that competes in an intercollegiate sport shall allow a student athlete to earn compensation from the use of the student athlete’s own name, image or likeness to the extent allowed by the rules established by the relevant national association for promoting or regulating collegiate athletics.

B. A student athlete may not be denied a scholarship, have a scholarship revoked, be deemed ineligible for a scholarship or be deemed ineligible for participating in intercollegiate athletics based on earning compensation for the use of that student athlete’s name, image or likeness in a manner and to the extent allowed by the rules established by the relevant national association for promoting or regulating collegiate athletics.

C. An athlete agent who advises or represents a student athlete in connection with earning compensation from the use of that student athlete’s own name, image or likeness shall comply with chapter 13, article 10 of this title.

D. This section does not authorize student athletes to enter into a contract providing compensation for the use of the student athlete’s name, image or likeness if doing so either:

1. Violates the intellectual property rights of any person, including the student athlete’s postsecondary education institution.

2. Conflicts with the student athlete’s team contract.

E. For the purposes of this section, "athlete agent", "intercollegiate sport", "person" and "student athlete" have the same meanings prescribed in section 15-1762.