Add Michigan to the list of states that has enacted legislation in support of college athletes' ability to make money off name, image and likeness (NIL). Michigan Gov. Gretchen Whitmer signed bills on Wednesday that make it legal for college athletes to profit via endorsement opportunities and similar setups. Michigan is home to five FBS schools: Michigan, Michigan State, Central Michigan, Eastern Michigan and Western Michigan.

Florida, California and Colorado and are among the states that already passed similar legislation. Michigan's law goes into effect in 2023, so it is possible that the NCAA will have already decided to allow athletes to profit off NIL by then. NIL has been a topic of conversation for years, but little progress has been made in the way of tangible steps toward making actual changes.

In October, the NCAA took a step in that regard, announcing its “concepts” for NIL legislation that will be voted on in January. Based on those concepts, the avenues student-athletes can use to capitalize on their NIL include: Camps, lessons, autographs, their own products and commercial services. Schools would not pay athletes directly — rather, companies and other entities would.

Student-athletes would also be allowed professional representation to help them negotiate contracts in relations to NIL. This does, however, create a few complications. Under this concept, schools are not allowed to be involved in any of the athlete’s business deals. The NCAA D-I Council recommends using a “third-party administrator” to assist with overseeing the process of disclosures.

If NIL rules are eventually passed – they’re expected to – potential Heisman candidates like Ohio State’s Justin Fields ($1.34 million) and Clemson’s Trevor Lawrence ($1.23 million) could earn more than a million a year, according to Opendorse projections. Blake Lawrence said the average FBS player would be worth anywhere from $800 to $8,000 a year.

Not everyone will be bankable, but there's plenty of money to be made. And that value can grow throughout a player's career.

“If you’re Zion Williamson it’s going to be huge," said Edward H. Schauder, head of Phillips Nizer's Sports Law Practice and the former Executive Vice President of Licensing at Steiner Sports. "If you’re a guy who wins the Heisman it’ll be huge. It’s not going to (be huge) for most players, but it will matter if a team develops an identity. Think about Michigan and the Fab Five. That has legs, or if a player has a big game. Tua (Tagovailoa) comes up in the national title and becomes Tua.

“There’s always an opportunity at any given moment. Somebody will do something that becomes huge.”