On July 1st, 2021, the National Collegiate Athletic Association (NCAA) approved an interim policy that would allow college athletes in every state to monetize their name, image, and likeness (NIL). This meant student-athletes could accept money for sponsorships and endorsements and maintain their eligibility, which was previously prohibited by the intercollegiate sports governing body (The Athletic Staff, 2021). The change is positive for student-athletes and the brands looking to market through them and their active social media platforms, but it does not come without issues or challenges. The purpose of this study is to, (a) review the theory behind effective sponsorship and endorsement relative to NIL, (b) discuss issues or challenges that may arise from the new legislation, and (c) conclude with possible projections for the future of NIL and sponsorship in college athletics.