Last week, California governor Gavin Newsom signed into law California’s Fair Pay to Play Act, which will allow California college athletes to sign commercial deals for the use of their identities and likenesses. The law, which will also allow student athletes to hire agents to negotiate on their behalf, will take effect in 2023. This could be the law that upsets the NCAA’s long-standing cozy apple cart that has successfully funneled almost all collegiate athletic revenue to universities, and the economics of this law are fascinating.