The National Collegiate Athletic Association (NCAA) currently prohibits student-athletes from receiving compensation from many non-school-affiliated sources, including sports agents, advertising agencies, and merchandizers. Moreover, student-athletes are prohibited from receiving compensation for media appearances, endorsing products, and autographs. Athletes and schools that violate these rules are subject to various punishments, such as fines, suspensions, and forfeiture of games. This paper challenges this NCAA policy. Accordingly, although colleges and universities often compensate student-athletes with free tuition, room, board, and other expenses, I argue that some prohibitions against athletes receiving compensation from non-school-affiliated sources are: (1) arbitrary and unfair to student-athletes; (2) such policies moreover are non-beneficial to student-athletes since we lack good reason to think the reception or pursuit of outside compensations will harm the student-athlete; (3) no foreseeable detrimental effects to higher education arise if student-athletes are allowed to pursue or receive various compensations; and (4) the integrity of college sports will not be compromised if certain forms of compensation are permitted. I take (1)-(4) as good reasons for doing away with the NCAA's current policies. Ultimately, while I do not think colleges or universities should compensate student-athletes beyond what they already provide (e.g. free tuition, room, and board), I think student-athletes should be allowed to pursue an assortment of economic-related activities currently prohibited by the NCAA.