There has been a recent (over the last two years) rash of lawsuits by former NCAA athletes alleging a right to recover money arising from the exploitation of their likenesses in video games. Recently, the Ninth Circuit heard arguments in the case Keller v. Electronic Arts, Inc. (complaint here). For a summary of the case and arguments, see this AP article.
Frankly, I don’t see how NCAA athletes are in any different position than the professional athletes who receive compensation in the form of licenses through their respective players' unions. Given this ready corollary, any argument that is being lodged against the athletes in the college context would seem pretty weak.
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