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Former college football and basketball greats celebrate start of NIL laws

On Thursday, for the first time, college athletes can begin making money off their names, images and likenesses without the threat of losing eligibility.

That comes after the NCAA decided to suspend rules prohibiting athletes from selling their likenesses. It follows years of debate, a United States Supreme Court ruling, and new laws going into effect in several states around the country. Some college athletes have even begun signing endorsement deals.

"This is an important day for college athletes since they all are now able to take advantage of name, image and likeness opportunities," NCAA president Mark Emmert said in a statement.