The "New Hampshire Fair Play Act" establishes a framework that allows collegiate student-athletes to earn compensation for the use of their name, image, or likeness while participating in intercollegiate athletics. The bill prohibits postsecondary educational institutions from enforcing any rules that would prevent student-athletes from earning such compensation, ensuring that it does not affect their scholarship eligibility. Additionally, it allows student-athletes to obtain professional representation for contracts and legal matters, provided that the representation is from licensed attorneys and that athlete agents comply with federal regulations. However, the bill also outlines specific restrictions on the types of compensation student-athletes can receive, particularly prohibiting earnings from associations with adult entertainment, alcohol, gambling, tobacco, pharmaceuticals, controlled substances, and weapons.

Furthermore, the bill mandates that student-athletes disclose any contracts related to their name, image, or likeness to designated officials at their educational institution. It also stipulates that contracts cannot conflict with team agreements or the provisions outlined in the bill. While institutional team contracts may allow the use of a student-athlete's name, image, or likeness for marketing purposes without additional compensation, they cannot restrict the athlete's ability to engage in commercial activities outside of official team events. The act is set to take effect on September 1, 2025.