This bill establishes regulations regarding the name, image, and likeness (NIL) rights of high school student-athletes in Nebraska. It defines key terms such as "commercial name, image, and likeness activity," "name, image, and likeness," "school property and identifiers," and "student-participant." The State Board of Education is tasked with adopting a model policy by January 1, 2027, which will allow student-participants to engage in NIL activities while retaining their eligibility for interscholastic athletics, provided these activities comply with school policies and the rules of relevant athletic associations. The policy must also include provisions for disclosure of NIL activities, notification to athletic associations, and educational resources for students and their families.

Additionally, the bill mandates that starting in the 2027-28 school year, each school board must adopt a policy that aligns with the State Board's model policy. It prohibits penalties against student-participants for engaging in NIL activities that adhere to the established school policy. The bill outlines specific restrictions on NIL activities, including prohibitions on using school identifiers, engaging during official school hours, and promoting certain products or services. It also emphasizes the need for a process to review contracts signed by student-participants under the age of eighteen and specifies that enforcement measures should not include monetary penalties but may involve temporary ineligibility.