This bill removes present law provisions relative to an intercollegiate athlete's name, image, or likeness ("NIL") and, instead, authorizes an intercollegiate athlete to earn compensation for the use of the athlete's name, image, and likeness according to this bill. The compensation so earned must reflect fair market value and not be contingent upon athletic performance or enrollment. A four-year public or private institution of higher education located in this state ("institution"), certified NIL collectives, and representatives may (i) establish NIL funds to attract and manage revenue from NIL activities, (ii) operate media networks to distribute exclusive content featuring intercollegiate athletes if the network ensures free access to consumers to maximize audience reach, and allocates a percentage of media network-generated revenues to intercollegiate athletes featured in the content and their certified NIL representatives and collaborates with professional content creators to ensure high-quality production and strategic distribution, and (iii) implement a talent fee on revenue streams to support NIL activities and compensate intercollegiate athletes fairly. This bill requires NIL programs to prioritize equality and access and opportunity for all institutions, ensuring smaller institutions receive the same access to NIL opportunities as larger institutions. CERTIFIED NIL REPRESENTATIVE This bill requires a certified NIL representative who represents an intercollegiate athlete under this bill for purposes of securing compensation for the use of the athlete's name, image, or likeness to be licensed under the athlete agent provisions of present law, and to satisfy the requirements of the Revised Uniform Athlete Agents Act. Certified NIL representatives must adhere to a fiduciary duty, acting in the best interests of the intercollegiate athlete at all times. Additionally the secretary of state must maintain a publicly accessible registry of certified NIL representatives. INSTITUTION DUTIES AND REQUIREMENTS This bill requires institutions to (i) conduct mandatory workshops for intercollegiate athletes covering NIL contract negotiation, tax responsibilities, wealth management, and personal branding, (ii) provide mentorship programs connecting intercollegiate athletes with alumni and industry leaders to support NIL success, and (iii) document and report on NIL activities and revenues annually to the general assembly. This bill authorizes an institution to establish a NIL program at the high school level to educate prospective intercollegiate athletes on NIL opportunities that comply with state and federal laws. Talent fees This bill authorizes an institution to implement a talent fee. If an institution authorizes a talent fee, then (i) the talent fee of a ticket sale must be no more than 10% of the ticket price, (ii) revenues generated must be allocated directly toward NIL activities, (iii) the institution must ensure transparency by reporting the use of talent fee revenues annually to the general assembly and the institution's governing board, (iv) talent fee revenue allocation must prioritize equitable compensation opportunities for all intercollegiate athletes, ensuring access for institutions with limited financial resources, and (v) the revenue benefits intercollegiate athletes equitably across institutions. This bill prohibits talent fee revenues from disproportionately benefiting intercollegiate athletes from a single sport but, instead, must reflect balanced contributions to all athletic programs at an institution. However, institutions may utilize talent fee revenue to subsidize athletic scholarships, facility upgrades, and athlete development programs as long as such initiatives equally benefit intercollegiate athletes across all sports. NIL platforms This bill encourages institutions to develop direct-to-consumer NIL platforms to amplify athlete exposure, enhance fan engagement, and increase NIL revenue streams. Such platforms may include social media channels, podcasts and video series, and merchandise collaborations. Institutions must offer free access to such platforms to maximize audience reach while providing premium sponsorship opportunities to generate revenue. Additionally, institutions may leverage such platforms to attract local and national sponsorships, ensuring the institution's athletes are positioned for NIL success on par with athletes from larger institutions worldwide. Other duties This bill encourages institutions to secure broadcast rights and partnerships with streaming services or local networks to increase NIL visibility and revenue opportunities. Institutions may create branded merchandise collaborations featuring intercollegiate athletes, with a portion of proceeds directly benefiting intercollegiate athletes. Institutions may also host NIL-centric events such as athlete showcases, branded tournaments, or fan experience days, with revenues shared among intercollegiate athletes and programs. This bill authorizes institutions to request matching funds from the state for investments in NIL infrastructure, including media network development, marketing campaigns, and educational programs. NIL OVERSIGHT COMMITTEE This bill creates the statewide NIL oversight committee ("committee"). The Tennessee higher education commission must appoint five members who have experience with NIL for intercollegiate athletes in this state to the committee. The committee must (i) monitor the implementation and impact of NIL activities, (ii) publish annual reports on NIL revenues, expenditures, and best practices, and (iii) resolve disputes related to NIL agreements. In order to stagger the terms of the committee members, two initial appointees serve two-year terms, two initial appointees serve three-year terms, and one initial appointee serves a four-year term. All subsequent appointments are for four-year terms. Committee members may continue to serve on the committee after their term expires but only until a new member is appointed to replace the committee member. Committee members may be reappointed to multiple terms. This bill prohibits state regulatory bodies from pursuing NIL investigations. INCENTIVE-BASED REVENUE-SHARING MODELS This bill authorizes institutions to create incentive-based revenue-sharing models that allocate a minimum of 50% of NIL-generated funds directly to intercollegiate athletes and the intercollegiate athletes' certified NIL representatives; additional funds to enhance scholarships, athletic facilities, and academic resources without reducing intercollegiate athlete compensation; and reserved revenues for community outreach programs and institutional growth. This bill requires media networks operated by an institution of NIL collective to showcase exclusive content increase intercollegiate athlete exposure and fan engagement, provide opportunities for intercollegiate athletes to co-create content and share revenues, and include revenue-sharing agreements to ensure equitable benefits for intercollegiate athletes, certified NIL representatives, and institutions. This bill authorizes institutions to develop methods for NIL compensation, such as tournaments that guarantee payments to participating teams and partnerships with an intercollegiate athletic association as a licensor. An institution may also reinvest a portion of NIL revenues into marketing and digital strategies to attract additional sponsorships and enhance NIL visibility for intercollegiate athletes. REQUIREMENTS OF THE STATE In order to address disparities in institutional resources, this bill requires the state to prioritize support for NIL initiatives that benefit historically underserved institutions. The state must also encourage high school athletes to explore NIL opportunities. NIL partnerships that foster community involvement and local business collaborations must receive priority for state support.