The world of collegiate athletics has seen a tremendous change since name, image, and likeness (“NIL”) compensation was implemented. As collegiate athletes start to make money off of their own names, images, and likenesses, lawmakers have recently begun discussing the tax ramifications of those profits. Included in this debate of tax implications has been a possible exemption of NIL profits from tax penalties, which, if passed, could have significant ramifications for players, academic institutions, and the current landscape of college athletics.