A new Florida law "opens the door" for college athletes to build their brand and use it to transition out of sports and into the business world after graduating, a Florida lawmaker who sponsored the legislation told Fox News.

The new law, signed by Gov. Ron DeSantis last week, allows schools and coaches to get involved with players' name, image and likeness opportunities, allowing them to help facilitate endorsement deals for their athletes.

"The world today is very much social and digital, and people are going to have that opportunity to build that brand online and also in merchandise and things like that," state Rep. Chip LaMarca said. "So this is an opportunity for them to start a business based on who they are."