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, effective from 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 that 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, particularly prohibiting agreements related to adult entertainment, alcohol, tobacco, and gambling. The bill also allows student athletes to consult with registered advisors, requiring parental consent for those under 18, and mandates schools to maintain a list of registered advisors and provide educational resources on financial literacy and contractual obligations. The act is set to take effect on July 1, 2025.