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Some College Athletes Already Cashing In As Rules Allowing Them To Benefit From Name, Image, And Likeness Go Into Effect

CHICAGO (CBS) -- Thursday was a red-letter day for college athletes in Illinois and around the country.

As CBS 2's Matt Zahn reported, some college athletes already cashing in as new name, image, and likeness rules have taken effect.

Basically, what the name, image, and likeness laws and NCAA rules mean is student athletes can finally make money off of what for a lot of them is celebrity status in their college towns.

Many are already taking advantage. Illini basketball players Trent Frazier and Andre Curbelo both announced deals with a food delivery service, while Northwestern quarterback Ryan Hilinski says he's open for business.

CBS Sports senior writer Dennis Dodd expects many more to follow suit.

"Only a small percentage, as I said, will capitalize bigtime – but I had one leader in the industry tell me he thinks a hundred percent of Division I athletes will get something, because it becomes so easy. Sitting on a couch, you can make $1,000 based on social media by hitting a key, and it's not going to be that hard. You know what $1,000 means to a student?" Dodd said. "Some will make it big, some will be models, some will get cars, but only a small percentage – so I think this is generally good."

Dodd called this one of the most transformative days in the 115-year history of the NCAA, calling it effectively the end of amateurism.

But he also doesn't think it will have much effect on fans, saying the games will go on.

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