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. However, it also sets specific limitations on the types of compensation student-athletes can receive, particularly prohibiting earnings from associations with adult entertainment, alcohol, gambling, tobacco, prescription pharmaceuticals, controlled substances, and weapons. Additionally, any compensation earned in these contexts would result in the loss of institutional financial aid eligibility.

The bill outlines requirements for student-athletes regarding contracts for compensation, mandating that they disclose such contracts to designated officials at their institutions. It also stipulates that contracts must not conflict with team contracts or the provisions of the new chapter. Furthermore, while institutional team contracts may allow the use of a student-athlete's name, image, or likeness for marketing purposes, 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.