The bill amends existing Florida statutes to regulate athlete representation and compensation, particularly focusing on high school student athletes. It introduces a new provision that prohibits athlete agents from receiving more than 5% of a student athlete's total compensation derived from the use of their name, image, or likeness, starting from contracts executed on or after July 1, 2025. Additionally, the bill defines the term "name, image, and likeness collective" and establishes that the Florida High School Athletic Association (FHSAA) cannot require student athletes to register their compensation with any entities.

Furthermore, the bill allows high school student athletes to earn compensation for their name, image, or likeness, with the stipulation that those under 18 must obtain parental consent. It outlines restrictions on the types of contracts student athletes can engage in, specifically prohibiting agreements related to adult entertainment, alcohol, tobacco, gambling, and other specified categories. The legislation also permits student athletes to consult with registered advisors, who must notify school officials of their advisory role, and mandates schools to maintain a list of these advisors while providing educational resources to assist students in navigating compensation opportunities. The act is set to take effect on July 1, 2025.