Whether you're a sports fan or not, you're probably well aware that March Madness is officially upon us as it's the opening weekend of the men's NCAA basketball tournament, and the MVP Arena in Albany is actually playing host to a slew of the games.

And with those games, a number of athletes participating are taking advantage of the new rules surrounding profiting off of their name, image and likeness - more commonly referred to as NIL.

Essentially, student athletes are now able to profit off of usage of their name, image and sales of things like jerseys with their name or number on it, however it’s really much more intricate than that.

To help us get a better understanding of NIL and where it stands as of right now, Luke Feldham of Anomaly Sports Group and Porter Wright Law Firm joins Spectrum News 1 to discuss the basics of name, image and likeness, regulations, what players are benefitting from this and more.