NCAA officials on Tuesday opened the door for student-athletes to financially benefit from any use of their name, image and likeness, marking a major shift in the rules governing collegiate sports.

The decision, announced Tuesday by the organization's top governing board, clears room for leaders of Division I, II and III schools to add rules allowing student-athletes to hire agents, sign endorsements and more. Board members have asked each division to create new rules no later than January 2021.

The rule change will allow college athletes "to benefit from their name, image and likeness in a manner consistent with the collegiate model," according to the NCAA, which has 1,100 member schools encompassing nearly 500,000 athletes.

"We must embrace change to provide the best possible experience for college athletes," Michael Drake, president of Ohio State University, who was part of the task force, said in statement. "Additional flexibility in this area can and must continue to support college sports as a part of higher education. This modernization for the future is a natural extension of the numerous steps NCAA members have taken in recent years to improve support for student-athletes, including full cost of attendance and guaranteed scholarships."