The proposed bill aims to regulate athlete representation and compensation, specifically focusing on high school student athletes' ability to earn money from their name, image, and likeness (NIL). It amends section 468.454 of the Florida Statutes to prohibit athlete agents from receiving more than 5% of a student athlete's total compensation derived from NIL contracts, effective 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 creates a new section, 1006.206, which allows high school student athletes to earn compensation for their NIL, provided they obtain parental consent if under 18. It outlines restrictions on the types of contracts student athletes can enter, prohibiting agreements related to adult entertainment, alcohol, tobacco, gambling, and other specified categories. The bill also allows student athletes to consult with registered advisors, such as coaches or academic advisors, with parental consent required for those under 18. Schools are tasked with maintaining a list of registered advisors and providing educational resources to help student athletes navigate NIL opportunities. The act is set to take effect on July 1, 2025.