This bill establishes new regulations regarding the rights of student-athletes at four-year institutions of higher education in New Jersey, particularly concerning their ability to earn compensation from the use of their name, image, or likeness. It defines "related entity" to include various organizations associated with these institutions, such as auxiliary services corporations and alumni associations. The bill prohibits institutions from preventing student-athletes from earning compensation and allows them to enter contracts for this purpose, while also imposing restrictions on those under 21 from earning compensation related to alcohol, tobacco, and cannabis products. Additionally, it ensures that student-athletes can obtain professional representation for contracts and legal matters, with a requirement that such representation be provided by licensed attorneys.

Furthermore, the bill mandates that contracts for compensation related to a student-athlete's name, image, or likeness are not subject to public disclosure under the Open Public Records Act. It also prohibits athletic associations and organizations from penalizing institutions or student-athletes for engaging in activities permitted by this act, and allows institutions to seek damages if they face adverse actions for such engagement. Each institution is required to provide educational programming on name, image, and likeness to student-athletes annually. The bill repeals previous legislation related to this topic and takes effect immediately upon approval.