Dude, you're being short-sighted if you can't see that this will have repercussions beyond the top-tier football and basketball players.
There are tons of lower-tier players, and tons of players in other sports, who have cult followings that they could monetize.
There's a women's gymnast for UCLA named Katelyn Ohasi who became an internet sensation a few months ago because she scored perfect 10s in a couple of routines. I must've seen a dozen little articles and vids of her in buzzfeed, barstoolsports, CBS, CNN, yahoo, etc. And vids of her performance were all over my FB feed.
This law would allow her to monetize that fame in a way that she can't now. It might not be worth hundreds of thousands of $$, but she could def go out and make some bank by signing autographs for fans at meets, or by promoting a Seattle-area gymnastics school, or by making her own training vids, or signing a deal to endorse whatever.