Connecticut Senator Chris Murphy introduced legislation on Wednesday aimed at establishing a federal right for college athletes to market their Name, Image and Likeness.

College athletics enters a new era July 1 as the House v. NCAA settlement takes effect, formally allowing schools to share revenue with athletes. For the first time, schools can directly pay players for performance -- a historic shift in the landscape of college sports.

"We are very proud of this landmark settlement which will transform the lives of college athletes and bring them tens of billions of dollars in damages and future benefits," Jeffrey Kessler, co-executive chairman of Winston & Strawn,