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There has been a flurry of activity in the name, image, likeness (“NIL”) arena over the past several months. We previously discussed the NCAA’s about-face decision to permit student-athlete compensation, as well as related ongoing state and federal efforts, here, and the NCAA NIL Working Group’s recommendations here. Recently, the NCAA’s formal approval of its proposed rule permitting NIL compensation for certain endeavors by student-athletes was stymied by a January 8, 2021 letter from the Antitrust Division of the U.S. Department of Justice. In the letter, then Assistant Attorney General Makan Delrahim cautioned that the NCAA’s planned approach to regulate NIL “may raise concerns under the antitrust laws.”