Jevone Moore/Icon Sportswire via Getty Images

A radical new California law will allow college student athletes the right to profit from their names and likeness while they are still in school.

California Governor Gavin Newsom signed the Fair Pay for Play Act into law at a Los Angeles barbershop associated with LeBron James's HBO show The Shop: Uninterrupted.

James, 34, celebrated the Fair Pay for Play Act on Twitter.com on Monday. "You the man Governor Gav! Appreciate you as so many many more as well!" he tweeted.

The new law, which takes effect on January 1, 2023, makes it illegal for California colleges to deny student athletes the opportunities to earn hard cash for the use of their names, images and likenesses in video games, advertising, apparel and sports gear.

Sheri Determan/WENN.com

The new act will benefit student athletes like LaMelo Ball, left, and Liangelo Ball, center, brothers of former Lakers star Lonzo Ball, right.

Student athletes will be allowed to earn money for sponsoring youth camps, just like professional athletes. They can also sign lucrative endorsement contracts with shoe companies, apparel companies, car dealerships, etc.

The law does not require colleges and universities to pay student athletes, but it collides head on with the NCAA's rules.

ATP/WENN.com

California is the only state that allows college student athletes the right to be paid for their own names and likeness.

According to Sports Illustrated, California colleges, the Pac-12 Conference, the Mountain West Conference and the NCAA will all challenge the legality of the new law.

A lot is riding on the line for California schools.

Once the Act goes into effect, California colleges will no longer be permitted to participate in national championships organized or sponsored by the NCAA. And California schools might be kicked out of the NCAA altogether.

But supporters of the law, including James, believe the pros of the new law outweighs the cons.

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This post was edited on Oct. 17, 2015 @ 6:45 p.m.

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