On Wednesday morning, the NCAA Board of Governors decided to move toward allowing student-athlete compensation, specifically as it relates to endorsements and promotions.

“Throughout our efforts to enhance support for college athletes, the NCAA has relied upon considerable feedback from the engagement of our members, including numerous student-athletes, from all three divisions,” NCAA Board of Governors chair and Ohio State president Michael V. Drake said in a statement on Twitter. “Allowing promotions and third-party endorsements is uncharted territory.”

Changes in the name, image and likeness discussion figure to take effect “no later than January 2021,” according to Ohio State athletic director and co-chair of the NCAA federal and state legislation working group Gene Smith.

Under this ruling, student-athletes will be able to receive compensation through social media, businesses and personal appearances.

In March 2019, Albany’s Tehoka Nanticoke was indefinitely suspended by the NCAA for tagging a stringing company in an Instagram post. Hours later, he was reinstated. With these new policies regarding business opportunities on social media, situations like this would likely be avoided.

“As we evolve, the Association will continue to identify the guardrails to further support student-athletes within the context of college sports and higher education,” co-chair of the NCAA federal and state legislation working group and Big East commissioner Val Ackerman said. “In addition, we are mindful of the impact of the COVID-19 pandemic on higher education, college sports and students at large. We hope that modernized name, image and likeness rules will further assist college athletes during these unprecedented times and beyond.”