By CBS3 Staff

PHILADELPHIA (CBS/AP) — On Thursday, legislation that will allow student-athletes to benefit from their Name, Image and Likeness, or NIL, goes into effect. Philadelphia’s University of Pennsylvania has been preparing for this moment to support its student-athletes over the past several months.

“This new era of intercollegiate athletics is upon us, and I am proud to say that Penn Athletics and Recreation is prepared to support and educate our student-athletes regarding Name, Image and Likeness,” Interim Director of Athletics and Recreation Rudy Fuller said in a statement. “At Penn, we have some of the brightest young adults in the world, many of whom are already accomplished entrepreneurs, musicians, authors and more, who now can capitalize on their Name, Image and Likeness.”

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Penn will help its student-athletes learn about NIL through the Quaker Qualified program, which is a curriculum that specifically helps student-athletes throughout their time at the university and life after the sport. Some of that education on NIL will focus on marketing, personal branding and financial wellness.

Penn has formed a NIL Committee to help its student-athletes better understand the NIL laws and bylaws, educate all parties and allow its student-athletes to capitalize on NIL opportunities.

The committee is co-chaired by the assistant athletic director, compliance Rachel Kuperinsky and assistant athletic director Lauren Procopio.

The Ivy League school has also partnered with SPRY, a third-party company that helps schools and student-athletes navigate and comply with the NIL landscape more easily.

Temple University is also looking forward to helping its student-athletes understand and capitalize the NIL laws and bylaws.

“Temple University is excited for its student-athletes to be able to use their NIL in accordance with state law and will provide them with education to help navigate the process,” Fran Dunphy, the acting director of athletics said in a statement.

Meanwhile, Gov. Tom Wolf signed legislation to allow college athletes in Pennsylvania to start earning money based on their fame and celebrity without fear of sanctions from their school or athletic association.

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Pennsylvania, as a result, joins a growing number of states, including Texas and Florida, that are paving the way for athletes to make money based on their athletic exploits.

Under the state’s law, schools and athletic leagues cannot sanction college athletes for being paid royalties for sales of team jerseys, college team video games or college team trading cards. College athletes can also hire financial advisers, lawyers or agents to negotiate contracts on their behalf.

Athletes must report the contracts to their schools and Pennsylvania’s law puts limits on what athletes can do.

For instance, college athletes in Pennsylvania can’t earn compensation in connection with adult entertainment, alcohol, casinos, gambling, betting, tobacco, vaping, prescription drugs or illegal drugs.

Pennsylvania’s law also allows schools to prohibit an athlete’s compensation from activities they deem to conflict with “existing institutional sponsorship arrangements” or “institutional values.”

Meanwhile, schools and athletic leagues can’t be required to help student-athletes earn compensation.

The NCAA’s stopgap measure came less than two weeks after the U.S. Supreme Court ruled against the association in a case involving education-related benefits.

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(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)